Daily Pivots: (S1) 0.6718; (P) 0.6746; (R1) 0.6792; More…
AUD/USD’s rally resumed after brief retreat and intraday bias is back on the upside. As noted before, fall from 0.7156 could have completed with three waves down to 0.6269. Further rise should be seen to 0.6894 resistance first. Sustained break there will target 0.7156 next. On the downside, below 0.6689 minor support will turn intraday bias neutral for consolidations again. But outlook will remain mildly bullish as long as 0.6541 support holds, in case of retreat.
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. Rise from 0.6269 is seen as the third leg of the pattern. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.
