Daily Pivots: (S1) 0.6441; (P) 0.6478; (R1) 0.6514; More...
AUD/USD is staying in range above 0.6433 despite this week’s dip. Intraday bias remains neutral first, and further decline is expected with 0.6549 resistance intact. On the downside, break of 0.6433 will resume whole decline from 0.6941, and target 0.6348 support next. However, firm break of 0.6549 will indicate short term bottoming, and bring stronger rebound to 55 D EMA (now at 0.6596).
In the bigger picture, rise from 0.6269 (2023 low) should have completed with three waves up to 0.6941. Corrective pattern from 0.6169 (2022 low) is now extending with another falling leg. Deeper decline would be seen back to 0.6269 as sideway trading extends.
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