AUD/USD Daily Analysis
Intraday bias in AUD/USD has turned neutral again with the current retreat. Considering the bearish divergence condition in 4-hour MACD, a break of 0.6641 support should indicate short-term topping, following rejection by 0.6871 Fibonacci level. Intraday bias will return on the downside for 0.6521 resistance turned support first.
In the bigger picture, a medium-term bottom is in place at 0.6160 already. But it’s too early to call for trend reversal. Nevertheless, even as a corrective move, a rise from 0.6169 should target a 38.2% retracement of 0.8006 to 0.6169 at 0.6871. Sustained trading above 55-week EMA (now at 0.6922) will raise the chance of the start of a bullish uptrend. However, rejection by 0.6781 or 55-week EMA, followed by 0.6521 resistance, turned support and retained medium-term bearishness.
