Daily Pivots: (S1) 0.7039; (P) 0.7068; (R1) 0.7113; More…
Intraday bias in AUD/USD remains mildly on the upside as rise from 0.6832 is in progress to retest 0.7187 high. Strong resistance could be seen there to bring another fall to extend the near term corrective pattern. On the downside, below 0.7021 minor support will turn intraday bias neutral again first.
In the bigger picture, as long as 0.6706 cluster support holds, rise from 0.5913 (2024 low) should still be in progress. Decisive break of 61.8% retracement of 0.8006 to 0.5913 at 0.7206 will solidify the case that it’s already reversing the down trend from 0.8006 (2021 high). However, firm break of 0.6706 will dampen this bullish case, and bring deeper fall back to 0.6420 support, and possibly below.
