Daily Pivots: (S1) 0.6199; (P) 0.6218; (R1) 0.6236; More...
AUD/USD recovers mildly today but overall outlook is unchanged. Intraday bias stays neutral first, and consolidations from 0.6198 should be relatively brief as long as 0.6336 support turned resistance holds. On the downside, break of 0.6198 will resume the fall from 0.6941 to 0.6169 long term support, and then 138.2% projection of 0.6941 to 0.6511 from 0.6687 at 0.6074. Nevertheless, firm break of 0.6336 will bring stronger rebound lengthier correction before staging another decline.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term consolidation to the down trend from 0.8006. Firm break of 0.6169 support will confirm down trend resumption for 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806 next. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.6588) holds.
