AUD/USD Daily Report

Daily Pivots: (S1) 0.6340; (P) 0.6365; (R1) 0.6387; More...

The AUD/USD pair is currently engaged in range trading, and the intraday bias appears to be neutral. For the upward movement, a sustained break above 0.6407 will continue the rebound from the recent low of 0.6087. This movement could reach a full projection of the range from 0.6087 to 0.6407, measured from 0.6186, targeting 0.6506. It is important to note that this is still considered a corrective move.

On the other hand, if the price drops below 0.6268, the bias will shift back to the downside, making the support level at 0.6186 a potential target.

Looking at the bigger picture, the decline from the 2024 high of 0.6941 indicates a continuation of a downtrend that started from the 2021 high of 0.8006. The next medium-term target is set at 61.8% of the projection from 0.8006 to 0.6169, aiming for a level of 0.5806. While the price remains below the 55-week exponential moving average (currently at 0.6482), the outlook on the AUD/USD will remain bearish.

AUD/USD, Trading, Pivots