AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9073; (P) 0.9125; (R1) 0.9159; More

With a temporary top in place at 0.9180, intraday bias in AUD/USD remains neutral for the moment. Deeper retreat could be seen to 4 hours 55 EMA (now at 0.9062) and below. But after all, another rise remains in favor as long as 0.8860/9028 support zone holds. Above 0.9180 will target 61.8% projection of 0.8315 to 0.9220 from 0.8770 at 0.9329 next. However, note that break of 0.8860 will indicate that whole rebound from 0.8770 is finished and will put focus back to this support level.

In the bigger picture, price actions from 0.9404 are consolidations/correction to medium term up trend from 0.6008. Rebound from 0.8066 is treated as the second leg inside such consolidation. Hence, even in case of another rise, we'd expect strong resistance near to 0.9404 to limit upside and bring another fall to continue the consolidation. Break of 0.8770 will suggests that the third falling leg has possibly started for a test on 0.8066 support. However, decisive break of 0.9404 will invalidate this view and target 0.9849 high.

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