Daily Pivots: (S1) 0.6729; (P) 0.6761; (R1) 0.6792; More…
AUD/USD’s rebound from 0.6714 extends higher today but stays below 0.6845 minor resistance. Intraday bias remains neutral at this point. On the upside, above 0.6845 will bring retest of 0.6898 resistance. Decisive break there will resume rise from 0.6457. On the downside below 0.6714 will resume the fall from 0.6894, as the third leg of the corrective pattern from 0.6898. But downside should be contained above 0.6594 support to bring rebound.
In the bigger picture, price actions from 0.7156 are seen as a correction to the rebound from 0.6169 (2022 low). Break of 0.6898 resistance will argue that rise from 0.6169 is ready to resume through 0.7156. Next target will be 100% projection of 0.6169 to 0.7156 from 0.6457 at 0.7444. For now, this will be the favored case as long as 55 D EMA (now at 0.6715) holds.
