Daily Pivots: (S1) 0.6848; (P) 0.6892; (R1) 0.6926; More...
A temporary top was formed at 0.6941 with current retreat and intraday bias in AUD/USD is turned neutral first. Further rally is expected as long as 0.6823 resistance turned support holds. Above 0.6941 will resume the rally from 0.6348 to 100% projection of 0.6348 to 0.6823 from 0.6621 at 0.7096. However, firm break of 0.6823 will turn bias to the downside for deeper pullback to 0.6621 support.
In the bigger picture, overall, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern, with rise from 0.6269 as the third leg. Firm break of 0.6870 resistance will target 100% projection of 0.6269 to 0.6870 from 0.6340 at 0.6941, and then 138.2% projection at 0.7179. This will now remain the favored case as long as 0.6621 support holds.
