Daily Pivots: (S1) 0.6270; (P) 0.6351; (R1) 0.6394; More…
AUD/USD is still bounded in range above 0.6824 despite current decline. Intraday bias remains neutral first. Near term outlook remains bearish with 0.6500 resistance intact. Break of 0.6284 will resume the fall from 0.7156. Next target is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.
In the bigger picture, down trend from 0.8006 (2021 high) is possibly 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.
