Daily Pivots: (S1) 0.6341; (P) 0.6371; (R1) 0.6423; More…
AUD/USD’s break of 0.6398 resistance indicates short term bottoming at 0.6398. Intraday bias is back on the upside for rebound to 0.6510 cluster resistance (38.2% retracement of 0.6894 to 0.6269 at 0.6508). Rejection by this level will retain near term bearishness or another fall through 0.6269 at a later stage. However, firm break of 0.6510 will argue that whole decline from 0.7156 might be completed with three waves down to 0.6269. Stronger rally should then be seen.
In the bigger picture, down trend from 0.8006 (2021 high) is possibly still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.
. Rejection by this level will retain near term bearishness or another fall through 0.6269 at a later stage. However, firm break of 0.6510 will argue that whole decline from 0.7156 might be completed with three waves down to 0.6269. Stronger rally should then be seen.){kind=link}