Daily Pivots: (S1) 0.6840; (P) 0.6866; (R1) 0.6919; More...
Intraday bias in AUD/USD remains on upside at this point. Firm break of 61.8% projection of 0.6348 to 0.6823 from 0.6621 at 0.6915 will pave the way to 100% projection at 0.7096 next. On the downside, below 0.6813 minor support will turn bias neutral and bring consolidations first. But outlook will remain cautiously bullish as long as 0.6621 support holds, in case of retreat.
In the bigger picture, overall, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern, with rise from 0.6269 as the third leg. Firm break of 0.6870 resistance will target 100% projection of 0.6269 to 0.6870 from 0.6340 at 0.6941, and then 138.2% projection at 0.7179. This will now remain the favored case as long as 0.6621 support holds.
