Daily Pivots: (S1) 0.6602; (P) 0.6624; (R1) 0.6649; More…
AUD/USD’s break of 0.6548 suggests that rebound from 0.6480 has completed at 0.6643. Intraday bias is back on the downside for 0.6480 support. Firm break there will argue that whole fall from 0.6870 is ready to resume through 0.6442 support. For now, risk will stay mildly on the downside as long as 0.6643 resistance holds, in case of recovery.
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 might still be in progress. Overall, sideway trading could continue in range of 0.6169/7156 for some more time. But as long as 0.7156 holds, an eventual downside breakout would be mildly in favor.
