Daily Pivots: (S1) 0.6251; (P) 0.6311; (R1) 0.6351; More…
Intraday bias in AUD/USD stays mildly on the downside for retesting 0.6169. Firm break there will resume larger down trend to 138.2% projection of 0.7660 to 0.6680 from 0.7135 at 0.5781.For now, risk will stay on the downside as long as 0.6539 resistance holds, in case of recovery.
In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium term momentum remains strong and retest of 0.5506 (2020 low) cannot be ruled out. But firm break of 0.6680 will be the first sign of reversal, and bring stronger rebound back to 0.7135 resistance.
