Daily Pivots: (S1) 0.6473; (P) 0.6512; (R1) 0.6534; More…
Intraday bias AUD/USD remains mildly on the downside for retesting 0.6442 support first. Firm break there will resume whole decline from 0.6870, and target 61.8% projection of 0.6870 to 0.6442 from 0.6594 at 0.6329 next. On the upside, above 0.6524 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.6594 resistance holds, in case of recovery.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern to the down trend from 0.8006 (2021 high). Fall from 0.7156 (2023 high) is seen as the second leg, which might still be in progress. Overall, sideway trading could continue in range of 0.6169/7156 for some more time. But as long as 0.7156 holds, an eventual downside breakout would be mildly in favor.
