Daily Pivots: (S1) 0.6985; (P) 0.7013; (R1) 0.7059; More…
Intraday bias in AUD/USD remains neutral and outlook is unchanged. On the upside, firm break of 0.7029 support turned resistance will indicate short term bottoming, and bring stronger rebound back to 0.7265 resistance. Rejection by 0.7029 will retain near term bearishness. Break of 0.6828 will resume larger fall from 0.8006, and target 0.6756/60 medium term fibonacci level next.
In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). 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 already in a medium term down trend.
