Daily Pivots: (S1) 0.6609; (P) 0.6637; (R1) 0.6678; More…
Intraday bias in AUD/USD is turned neutral with current retreat. Some more consolidations could be seen first. But further rally is expected as long as 0.6521 resistance turned support holds. On the upside, sustained break break of channel resistance (now at 0.6663) will argue that whole decline from 0.7156 has completed with three waves down to 0.6269. Further rally should then be seen to 0.6894 resistance for confirmation.
In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. price actions from 0.6169 (2022 low) could be just a medium term corrective pattern, with rise from 0.6269 as the third leg. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.
 will argue that whole decline from 0.7156 has completed with three waves down to 0.6269. Further rally should then be seen to 0.6894 resistance for confirmation.){kind=link}