Daily Pivots: (S1) 0.6897; (P) 0.6976; (R1) 0.7023; More…
AUD/USD’s decline resumed after brief consolidations and intraday bias is back on the downside. Current fall is p[art of the decline from 0.8006 and should target 0.6756 medium term fibonacci level next. On the upside, break of 0.7052 minor resistance will turn intraday bias neutral again first. But risk will stay on the downside as long as 0.7265 resistance holds.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low) with fall from 0.7660 as the third leg. Deeper fall should be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. However, sustained break of 0.6756/60 would argue that AUD/USD is indeed in a medium term down trend.
