Daily Pivots: (S1) 0.6419; (P) 0.6439; (R1) 0.6462; More…
AUD/USD’s rebound from 0.6356 extends higher today but upside is capped below 0.6520 resistance. Intraday bias stays neutral and further decline is still expected. On the downside, break of 0.6356 will resume larger fall to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.
In the bigger picture, current development argues that the down trend from 0.8006 (2021 high) is still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.
