Daily Pivots: (S1) 0.6566; (P) 0.6602; (R1) 0.6643; More…
Intraday bias in AUD/USD stays mildly on the upside at this point. Rebound from 0.6457 would target 55 D EMA (now at 0.6659). Sustained break there will target 0.6817 resistance next. Nevertheless, rejection by 55 D EMA will keep near term outlook bearish. Below 0.6566 minor support will turn bias back to the downside for retesting 0.6457 low.
In the bigger picture, rejection by 55 W EMA (now at 0.6811) keeps medium term outlook bearish. Current development suggests that down trend from 0.8006 (2021 high) is possibly still in progress. Retest of 0.6169 (2022 low) should be seen next. Firm break there will confirm down trend resumption. For now, this will remain the favored case as long as 0.6817 resistance holds.
. Sustained break there will target 0.6817 resistance next. Nevertheless, rejection by 55 D EMA will keep near term outlook bearish. Below 0.6566 minor support will turn bias back to the downside for retesting 0.6457 low.){kind=link}