Daily Pivots: (S1) 0.6569; (P) 0.6640; (R1) 0.6691; More…
Intraday bias in AUD/USD remains neutral for the moment as range trading continues above 0.6563. Focus stays on whether 0.6546 fibonacci level would provide strong support to bring reversal. On the upside, firm break of 0.6715 resistance will indicate short term bottoming, and turn bias back to the upside for rebound to 55 day EMA (now at 0.6787) and above. However, sustained break of 0.6546 will carry larger bearish implication and target 0.6169 low.
In the bigger picture, rise from 0.6169 (2022 low) has completed at 0.7156, after rejection by 55 month EMA (now at 0.7158). 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. Sustained break there will raise the chance of long term down trend resumption through 0.6169 low.
