AUD/USD Daily Outlook

Daily Pivots: (S1) 1.0127; (P) 1.0162; (R1) 1.0206; More

With 4 hours MACD staying below signal line, a temporary top is in place at 1.0196 and some more sideway consolidations would be seen below there. Though, downside of retreat should be contained by 1.0027 support and bring another rise. Above 1.0196 will target 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408.

In the bigger picture, AUD/USD's medium term up trend from 0.6008 is still in progress. Nevertheless, note that both the rise from 0.8066 and the larger rally from 0.6008 are showing sign of loss of momentum. More importantly, rise from 0.8066 is possibly the fifth wave in the five wave sequence from 0.6088, which has met the 61.8% projection target already. Hence, we'll be cautiously looking for reversal signal in next rise and a break of 0.9536 support will indicate that a sizeable correction could finally be starting to drag AUD/USD back to 0.8066/9404 support zone.

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