Daily Pivots: (S1) 0.6592; (P) 0.6606; (R1) 0.6626; More...
AUD/USD recovered ahead of 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579), but stays well below 0.6713 resistance. Intraday bias remains neutral first. Further rally remains in favor with 0.6578 intact. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to 0.6870 resistance next. However, sustained break of 0.6578 will dampen this bullish view, and bring deeper fall to 61.8% retracement at 0.6495.
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.
, but stays well below 0.6713 resistance. Intraday bias remains neutral first. Further rally remains in favor with 0.6578 intact. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to 0.6870 resistance next. However, sustained break of 0.6578 will dampen this bullish view, and bring deeper fall to 61.8% retracement at 0.6495.){kind=link}