Daily Pivots: (S1) 0.6688; (P) 0.6756; (R1) 0.6793; More…
AUD/USD’s fall from 0.7156 continues today and breaks 0.6721 support. Current development argues that near term trend could be reversing. Intraday bias stays on the downside. Deeper decline would be seen to 161.8% projection of of 0.6854 to 0.7028 from 0.6854 at 0.6539. On the upside, break of 0.6854 support turned resistance is needed to indicate completion of the fall, or risk will stay on the downside in case of recovery.
In the bigger picture, focus is now on 0.6721 structural support. Sustained break there will argue that whole rise from 0.6169 (2022 low) has completed at 0.7156, after rejection by 55 month EMA (now at 0.7179). Deeper decline would then be see back to 61.8% retracement of 0.6169 to 0.7156 at 0.6546, even as a corrective fall. Nevertheless, strong rebound from current level will retain medium term bullishness for another rise through 0.7156 later.
