AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9400; (P) 0.9437; (R1) 0.9482; More

AUD/USD's rally from 0.8953 continues today and surges to new 24 year high of 0.9515 so far. At this point, intraday bias remains on the upside as long as 0.9437 minor support holds. Break of 0.9496 high indicates that medium term up trend has resumed. Further rally is now expected to next short term target of 61.8% projection of 0.8512 to 0.9496 from 0.8953 at 0.9561 first. On the downside, below 0.9437 will turn intraday outlook neutral first. But pull back should be contained well above 0.9271 support and bring rally resumption.

In the bigger picture, correction from 0.9496 has likely completed with three wave down to 0.8953, above mentioned 0.8873 cluster support. Break of 0.9496 high indicates that medium term up trend has resumed. As discussed before, the whole up trend from 0.4773 (01 low) is expected to extend further to next medium term target of 100% projection of 0.4773 to 0.8008 from 0.6773 at 1.0008 which overlaps with parity. Break of 0.9271 support will argue that rise from 0.8953 has made a short term top and bring deeper correction. But medium term outlook will still remain bullish as long as .8953 support holds.

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