ActionForex.com
Feb 24 12:38 GMT

Sponsors

Forex Expos

AUD/USD Daily Outlook Print E-mail
AUDUSD Outlook | Written by ActionForex.com | Jan 11 17 06:25 GMT

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7339; (P) 0.7361; (R1) 0.7392; More...

Intraday bias in AUD/USD remains on the upside as rebound from 0.7158 extends. As long as 38.2% retracement of 0.7777 to 0.7518 at 0.7394 holds, which is close to the falling 55 day EMA, outlook stays cautiously bearish. Below 0.7287 minor support will turn bias back to the downside. Firm break of 0.7144 will confirm our bearish view that corrective pattern from 0.6826 has completed and larger down trend is resuming for another low. Though, sustained trading above 0.7394 will turn focus back to 0.7777/7833 resistance zone.

In the bigger picture, AUD/USD is staying inside long term falling channel and it's likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case and target 61.8% projection of 0.9504 to 0.6826 from 0.7777 at 0.6122 next. We'll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will be a strong sign of medium term reversal.

AUD/USD 4 Hours Chart

AUD/USD Daily Chart

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box

 

Latest in Technical Outlook

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Forex Brokers

Action Insight Newsletter
ActionForex.com © 2017 All rights reserved.