Daily Pivots: (S1) 0.6208; (P) 0.6234; (R1) 0.6257; More...
No change in AUD/USD’s outlook for now, and intraday bias stays mildly on the downside. Corrective rebound from 0.6130 could have completed at 0.6329. Deeper fall would be seen to retest 0.6130 low. On the upside, above 0.6329 will resume the rebound. But still, strong resistance is expected from 38.2% retracement of 0.6941 to 0.6130 at 0.6440 to limit upside to complete this corrective rebound.
In the bigger picture, fall from 0.6941 (2024 high) is seen as part of the down trend from 0.8006 (2021 high). 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.
