Daily Pivot: (S1) 0.6494; (P) 0.6526; (R1) 0.6550; more…
AUD/USD intraday bias has broken through the temporary low of 0.6489 and is back on the downside. The current downtrend from 0.7156 should target 61.8% forecast from 0.6451 to 0.6817 to 0.7156 to 0.6563. If you break there reliably, the target is 100% prediction at 0.6224. On the upside, however, a breakout of the 0.6558 resistance line would mark a short-term bottom and revert the bias upwards towards a stronger rally.
Overall, the rejection by the 55W EMA (currently at 0.6822) leaves the medium-term outlook bearish. Current conditions suggest that the downtrend from 0.8006 (2021 high) may still be ongoing. We should see a retest next at 0.6169 (2022 low). A firm break out of it will confirm the resumption of the downtrend. For now, this will remain the favorable case as long as the 0.6817 resistance persists.
