Daily Pivots: (S1) 0.7049; (P) 0.7105; (R1) 0.7156; More…
Intraday bias in AUD/USD is turned neutral again with loss of downside momentum. Still, further decline is expected as long as 0.7342 support turned resistance holds. Current development argues that larger correction from 0.8006 is in its third leg. Below 0.7054 will target a retest on 0.6966 low first.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Break of 0.7164 will suggest that such correction is still in progress, with fall from 0.7660 as the third leg. Next target will be 50% retracement of 0.5506 to 0.8006 at 0.6756. On the upside, break of 0.7660 will revive that case that the correction has already completed at 0.6966.
