Daily Pivots: (S1) 0.6407; (P) 0.6427; (R1) 0.6454; More…
A temporary low is formed at 0.6388 in AUD/USD with current recovery and some consolidations would be seen. But upside should be limited by 0.6492 minor resistance. Below 0.6388 should resume larger fall from 0.6870 through 61.8% projection of 0.6870 to 0.6442 from 0.6643 at 0.6378 to 100% projection at 0.6215.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern to the down trend from 0.8006 (2021 high). Fall from 0.7156 (2023 high) is seen as the second leg, which is still in progress. Overall, sideway trading could continue in range of 0.6169/7156 for some more time. But as long as 0.7156 holds, an eventual downside breakout would be mildly in favor.
