Daily Pivots: (S1) 0.6735; (P) 0.6744; (R1) 0.6755; More…
Intraday bias in AUD/USD remains on the upside as current rally continues to 61.8% projection of 0.6361 to 0.6713 from 0.6619 at 0.6837. Decisive break there could prompt upside acceleration through 0.6870 resistance to 100% projection at 0.6971. For now, risk will stay on the upside as long as 0.6723 minor support holds, in case of retreat.
In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern to the down trend from 0.8006 (2021 high). Fall from 0.7156 (2023 high) is seen as the second leg, which could have completed at 0.6269 already. Rise from there is seen as the third leg. Break of 0.6870 will target 100% projection of 0.6269 to 0.6870 from 0.6361 at 0.6962.
