AUD/USD Daily Outlook

Daily Pivots: (S1) 0.8883; (P) 0.8954; (R1) 0.9000; More

Intraday bias in AUD/USD remains neural for the moment. On the upside, above 0.9068 will indicate that choppy rebound from 0.8066 is still in progress for 0.9380/9404 resistance zone. But we'd expect upside to be limited there to bring another fall to continue the medium term consolidation. On the downside, break of 0.8632 support will argue that AUD/USD might have topped out already and will turn bias back to the downside for 0.8315 support.

In the bigger picture, note that a medium term top is in place at 0.9404. Price actions from there are viewed as consolidation/correction to medium term up trend from 0.6008. Such consolidation/correction will continue below 0.9404 for a while and the path could be choppy and unpredictable. Though, note that a break of 0.8315 will argue that such correction is going to extend deeper to beyond 0.8066 support, possibly to 0.7702 key support.

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