Daily Pivots: (S1) 0.6319; (P) 0.6344; (R1) 0.6376; More...
Intraday bias in AUD/USD remains on the upside for 38.2% retracement of 0.6941 to 0.6087 at 0.6413, as a correction to fall from 0.6941. On the downside, however, break of 0.6234 support will suggest that the rebound has completed and bring retest of 0.6087 low.
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 0.6516) holds.
