Daily Pivots: (S1) 0.6687; (P) 0.6711; (R1) 0.6744; More…
No change in AUD/USD’s outlook as further decline is in favor with 0.6759 minor resistance intact. Fall from 0.6870 short term top would target 55 D EMA (now at 0.6619). Some support could be seen there to bring rebound on first attempt. On the upside, however, break of 0.6759 minor resistance will suggest that the pull back is over, and bring retest of 0.6870 instead.
In the bigger picture, price actions from 0.6169 (2022 low) could be just a medium term corrective pattern to the down trend from 0.8006 (2021 high). Rise from 0.6269 is seen as the third leg of the pattern that could target 0.7156 on break of 0.6894 resistance. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.
. Some support could be seen there to bring rebound on first attempt. On the upside, however, break of 0.6759 minor resistance will suggest that the pull back is over, and bring retest of 0.6870 instead.){kind=link}