Daily Pivots: (S1) 0.6284; (P) 0.6308; (R1) 0.6345; More…
AUD/USD recovered quickly after dipping to 0.6269 and intraday bias is turned neutral first. Outlook stays bearish with 0.6398 resistance intact. below 0.6269 will resume larger fall from 0.7156. Next target is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195, which is close to 0.6169 medium term support.
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.
