Daily Pivots: (S1) 0.6242; (P) 0.6271; (R1) 0.6305; More…
AUD/USD is losing some downside momentum as seen in 4 hour MACD. But further decline is expected with 0.6362 resistance holds. Current decline should target 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155. On the upside, above 0.6362 minor resistance will turn intraday bias to the upside, for rebound to 0.6539 resistance.
In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Next target is 0.5506 low. Medium term momentum will now be closely monitored to gauge the chance of break of 0.5506.
