Daily Pivots: (S1) 0.6523; (P) 0.6573; (R1) 0.6601; More…
AUD/USD’s breach of 0.6570 support suggests that a short term top was formed at 0.6689, after rejection by falling channel resistance. Intraday bias is now mildly on the downside for 55 D EMA (now at 0.6488). For now, risk is mildly on the downside as long as 0.6689 resistance holds, in case of recovery.
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.
. For now, risk is mildly on the downside as long as 0.6689 resistance holds, in case of recovery.){kind=link}