AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9037; (P) 0.9082; (R1) 0.9131; More

AUD/USD's rally resumes after brief consolidation and reaches as high as 0.9154 so far. Intraday bias is still on the upside for the moment and further rise could be seen to 100% projection of 0.6284 to 0.8262 from 0.7702 at 0.9756 next. On the downside, below 0.9028 minor support will turn intraday outlook neutral first and bring consolidation. But short term outlook will remain bullish as long as 0.8857 resistance turned support holds.

In the bigger picture, the strong break of 0.9 psychological level indicates that AUD/USD is regaining upside momentum after drawing support from the medium term rising trend line a few times. As long as this trend line support holds, rise from 0.6284 is still in progress and could extend further to retest 08 high of 0.9849. On the downside, a break of 0.8567 support will have the trend line support firmly taken out and will in turn indicate that a medium term top is formed. In such case, deeper pull back could be seen to 0.7702/8262 support zone before resuming the up trend.

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