Daily Pivots: (S1) 0.6633; (P) 0.6679; (R1) 0.6704; More...
AUD/USD recovered quickly after brief breach of 0.6657 and intraday bias stays neutral first. Further decline is expected as long as 0.6758 resistance holds. Below 0.6657 will target 0.6621 first. Firm break there will confirm bearish reversal. However, break of 0.6758 will suggest that pullback from 0.6941 has completed and turn bias back to the upside.
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 100% projection of 0.6269 to 0.6870 from 0.6340 at 0.6941 will target 138.2% projection at 0.7179. However, break of 0.6621 support will argue that rise from 0.6269 has completed and bring deeper fall back to 0.6269/6348 support zone.
