Daily Pivots: (S1) 0.6590; (P) 0.6637; (R1) 0.6667; More...
Intraday bias in AUD/USD remains neutral first and more consolidations could be seen below 0.6713. Further rally is expected as long as 0.6578 support holds. As noted before, fall from 0.6870 has probably completed with three waves down to 0.6361 already. Above 0.6713 will target 0.6870 resistance next. However, firm break of 0.6578 will dampen this bullish view. Sustained trading below 55 D EMA (now at 0.6571) will bring deeper decline back to 0.6361 support instead.
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 could have completed at 0.6269 already. Rise from there is seen as the third leg which is now trying to resume through 0.6870 resistance.
 will bring deeper decline back to 0.6361 support instead.){kind=link}