Daily Pivots: (S1) 0.6854; (P) 0.6877; (R1) 0.6899; More…
Intraday bias in AUD/USD is turned neutral with current retreat, and with 4H MACD crossed below signal line. Some consolidations could be seen first. But downside of retreat should be contained by 38.2% retracement of 0.6457 to 0.6898 at 0.6730 to bring another rally. As noted before, whole corrective decline from 0.7156 could have completed with three waves down to 0.6457 already. Above 0.6898 will resume the rally from 0.6457 to retest 0.7156 high next.
In the bigger picture, fall from 0.7156 could have completed in a three wave corrective structure at 0.6457. The development argues that rise from 0.6169 (2022 low) is still in progress. Firm break of 0.7156 will also add to the case that whole down trend from 0.8006 (2021 high) has finished and turn medium term outlook bullish. For now this will be the favored case as long as 55 D EMA (now at 0.6694) holds, even in case of deep pull back.
