Daily Pivots: (S1) 0.6163; (P) 0.6195; (R1) 0.6226; More...
AUD/USD’s rebound from 0.6130 extends higher today, but upside is still limited below 0.6301 resistance. Intraday bias remains neutral for the moment, and more consolidations could be seen. Outlook will remain bearish as long as 0.6301 resistance holds. Break of 0.6130 will resume the fall from 0.6941. However, considering bullish convergence condition in 4H MACD, break of 0.6310 will indicate short term bottoming, and turn bias back to the upside for stronger rebound to 55 D EMA (now at 0.6360).
In the bigger picture, down trend from 0.8006 (2021 high) is resuming with break of 0.6169 (2022 low). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806, In any case, outlook will stay bearish as long as 55 W EMA (now at 0.6545) holds.
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