Daily Pivots: (S1) 0.6407; (P) 0.6442; (R1) 0.6459; More...
Intraday bias in AUD/USD stays on the downside at this point. Fall from 0.6624 short term top is at least correcting the rally from 0.5913. Deeper decline would be seen to 38.2% retracement of 0.5913 to 0.6624 at 0.6352. Strong support is expected from 0.6352 to bring rebound. On the upside, above 0.6475 minor resistance will turn intraday bias neutral first.
In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. While stronger rally cannot be ruled out, outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Nevertheless, considering bullish convergence condition in W MACD, even in case of another fall through 0.5913, downside should be contained above 0.5506 (2020 low).
