Daily Pivots: (S1) 0.6196; (P) 0.6210; (R1) 0.6232; More...
AUD/USD’s extended rebound and break of 0.6273 resistance suggests short term bottoming at 0.6178, on bullish convergence condition in 4H MACD, and just ahead of 0.6169 key support. Intraday bias is back on the upside for 55 D EMA (now at 0.6245). But near term outlook will stay bearish as long as 38.2% retracement of 0.6941 to 0.6178 at 0.6469. For now, more consolidation is in favor in the near term as long as 0.6178 holds, in case of retreat.
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, and could have completed at 0.6941 already. 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 0.6587) holds.
. But near term outlook will stay bearish as long as 38.2% retracement of 0.6941 to 0.6178 at 0.6469. For now, more consolidation is in favor in the near term as long as 0.6178 holds, in case of retreat.){kind=link}