Daily Pivots: (S1) 0.6866; (P) 0.6893; (R1) 0.6931; More…
Intraday bias in AUD/USD stays on the downside with focus on 0.6756/60 cluster fibonacci level. Strong support is still expected there to bring rebound. Break of 0.6918 resistance will indicate short term bottoming and turn bias back to the downside. However, sustained break of 0.6756/60 will carry larger bearish implication and target 0.6461 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). Strong support is expected from 50% retracement of 0.5506 to 0.8006 at 0.6756 to complete the pattern. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. However firm break of 0.6756/60 will raise the chance of bearish reversal and target 61.8% retracement at 0.6461.
