AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7513; (P) 0.7921; (R1) 0.8146; More

AUD/USD's fall from 0.8519 accelerates further to as low as 0.7442 today and at this point, intraday bias remains on the downside as long as 0.7593 minor resistance holds. Further fall is expected to be seen to next short term target of 61.8% projection of 0.9849 to 0.7802 from 0.8519 at 0.7254, which is close to long term fibonacci support of 50% retracement of 0.4773 to 0.9849 at 0.7311. On the upside, above 0.7593 will turn intraday outlook neutral first. But consolidation should be relatively brief as long as 0.7816 resistance holds.

In the bigger picture, a medium term top is at least in place at 0.9849 with bearish divergence condition in weekly MACD and RSI. Sustained trading below 0.7802 will pave the way for deeper medium term decline to 61.8% retracement of 0.4773 to 0.9849 at 0.6712. On the upside, firm break of mentioned 0.8519 will argue that a medium term bottom is formed and bring larger scale consolidation before another fall.

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