Wed, Jun 03, 2020 @ 11:59 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6816; (P) 0.6857; (R1) 0.6939; More…

AUD/USD’s rally accelerates to as high as 0.6983 so far. There is no sign of topping yet and intraday bias stays on the upside for 0.7031 resistance. On the downside, break of 0.6847 minor support will turn intraday bias neutral first. But near term outlook will stays bullish as long as 0.6569 resistance turned support holds, in case of retreat.

In the bigger picture, the firm break of 0.6826 (2016 low) now suggests that 0.5506 is a medium term bottom. Rebound from there is likely corrective whole long term down trend form 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7365). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6710).

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6696; (P) 0.6749; (R1) 0.6851; More…

Intraday bias in AUD/USD remains on the upside at this point. Decisive break of 0.6826 will carry larger bullish implication. Rise from 0.5506 should target 0.7031 resistance next. On the downside, though, break of 0.6567 support will indicate rejection by 0.6826. Intraday bias will be turned back to the downside for 0.6402 support instead.

In the bigger picture, while the rebound from 0.5506 is stronger than expected, we’re seeing it as corrective the fall from 0.8135 only (2018 high) to 0.5506. Strong resistance should be seen from 0.6826 (2016 low) to limit upside. However, sustained break of 0.6826 will argue that rise from 0.5506 is at least correcting the fall from 1.1079 (2011 high). Stronger rally would be seen to 55 month EMA (now at 0.7365).

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6626; (P) 0.6654; (R1) 0.6697; More…

AUD/USD’s rally from 0.5506 continues today and hits as high as 0.6742 so far. Intraday bias bias remains on the upside but we’d continue to look for topping signal. Bearish divergence condition in 4 hour MACD is a sign of loss of upside momentum. AUD/USD will also face 55 week EMA (now at 0.6702) and then 0.6826 (2016 low). On the downside, break of 0.6567 minor support will indicate short term topping and turn bias back to the downside. However, any upside re-acceleration could take the pair further to 0.7031 resistance next.

In the bigger picture, while the rebound from 0.5506 is stronger than expected, we’re seeing it as corrective the fall from 0.8135 only (2018 high) to 0.5506. Strong resistance should be seen from 0.6826 (2016 low) to limit upside. However, sustained break of 0.6826 will argue that rise from 0.5506 is at least correcting the fall from 1.1079 (2011 high). Stronger rally would be seen to 55 month EMA (now at 0.7365).

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AUD/USD Weekly Outlook

AUD/USD’s rise from 0.5506 extended higher last week. While further rally could be seen, we’d continue to look for topping signal on next rise. Bearish divergence condition in 4 hour MACD is a sign of loss of upside momentum. AUD/USD will also face 55 week EMA (now at 0.6702) and then 0.6826 (2016 low). On the downside, break of 0.6050 support will indicate short term topping and turn bias back to the downside.

In the bigger picture, while the rebound from 0.5506 is stronger than expected, we’re seeing it as corrective the fall from 0.8135 only (2018 high) to 0.5506. Strong resistance should be seen from 0.6826 (2016 low) to limit upside. However, sustained break of 0.6826 will argue that rise from 0.5506 is at least corrective the fall from 1.1079 (2011 high). Stronger rally would be seen to 55 month EMA (now at 0.7365).

In the longer term picture, down trend from 1.1079 (2011) is still in progress. As long as 0.8135 resistance holds, we’d still extend another fall to 0.4773 (2001 low). We’ll maintain this view until we see clear upside, medium term impulsive structure develops.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6595; (P) 0.6631; (R1) 0.6674; More…

Focus remains on 0.6670 key resistance in AUD/USD. Rejection from there, followed by 0.6505 support will indicate short term topping. Intraday bias will be turned back to the downside for 0.6402 support first. However, sustained break of 0.6670 will carry larger bullish implications and target 0.7031 resistance next.

In the bigger picture,the larger down trend from 1.1079 (2011 high) might still extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next. Decisive break there will turn outlook bullish for 0.8135 (2017 high) next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6568; (P) 0.6624; (R1) 0.6680; More…

Intraday bias in AUD/USD is turned neutral with 4 hour MACD crossed below signal line. Focus remains on 0.6670 key resistance. Rejection from there, followed by 0.6505 support will indicate short term topping. Intraday bias will be turned back to the downside for 0.6402 support first. However, sustained break of 0.6670 will carry larger bullish implications and target 0.7031 resistance next.

In the bigger picture,the larger down trend from 1.1079 (2011 high) might still extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next. Decisive break there will turn outlook bullish for 0.8135 (2017 high) next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6570; (P) 0.6623; (R1) 0.6707; More…

Focus is now directly on 0.6670 key resistance. Rejection from there, followed by 0.6505 support will indicate short term topping. Intraday bias is turned back to the downside for 0.6402 support first. However, sustained break of 0.6670 will carry larger bullish implications and target 0.7031 resistance next.

In the bigger picture,the larger down trend from 1.1079 (2011 high) might still extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next. Decisive break there will turn outlook bullish for 0.8135 (2017 high) next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6527; (P) 0.6539; (R1) 0.6557; More…

AUD/USD’s rise from 0.5506 resumes today and reaches as high as 0.6652 so far. Intraday bias is back on the upside for 0.6670 key resistance next. Rejection from there, followed by 0.6505 support will indicate short term topping. Intraday bias is turned back to the downside for 0.6402 support first. However, sustained break of 0.6670 will carry larger bullish implications and target 0.7031 key resistance next.

In the bigger picture,the larger down trend from 1.1079 (2011 high) might still extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next. Decisive break there will turn outlook bullish for 0.8135 (2017 high) next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6527; (P) 0.6539; (R1) 0.6557; More…

AUD/USD recovered after drawing support from 4 hour 55 EMA, but stays below 0.6616. Intraday bias remains neutral first and outlook is unchanged. Rebound from 0.5506 might still extend. However, considering persistent bearish divergence condition in 4 hour MACD, in case of another rise, upside should be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6402 support will confirm short term topping and turn bias to the downside for 38.2% retracement of 0.5506 to 0.6616 at 0.6192.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6504; (P) 0.6538; (R1) 0.6570; More…

Intraday bias in AUD/USD remains neutral for the moment. Rebound form 0.5506 might seen extend. However, considering persistent bearish divergence condition in 4 hour MACD, in case of another rise, upside should be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6402 support will confirm short term topping and turn bias to the downside for 38.2% retracement of 0.5506 to 0.6616 at 0.6192.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Weekly Outlook

AUD/USD edged higher to 0.6616 last week as rise from 0.5506 resumed. As it retreated since then, initial bias remains neutral this week first. Overall, considering persistent bearish divergence condition in 4 hour MACD, in case of another rise, upside should be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6402 support will confirm short term topping and turn bias to the downside for 38.2% retracement of 0.5506 to 0.6616 at 0.6192.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

In the longer term picture, down trend from 1.1079 (2011) is still in progress. It’s a bit early to judge the depth of the down trend. But sustained break of 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 could pave the way to 100% projection at 0.3882.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6545; (P) 0.6572; (R1) 0.6595; More…

Intraday bias in AUD/USD is turned neutral again with today’s retreat. Rebound from 0.5506 might extend but we’d still expect upside to be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6402 support will confirm short term topping and turn bias to the downside for 0.6253 support next.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6545; (P) 0.6580; (R1) 0.6636; More…

No change in AUD/USD is in the rebound from 0.5506 and further rise could be seen. We’d still expect upside to be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6402 support will indicate short term topping and turn bias to the downside for 0.6253 support.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6503; (P) 0.6544; (R1) 0.6578; More…

AUD/USD’s breach of 0.6569 suggests resumption of whole rebound from 0.5506. Intraday bias is back on the upside for 0.6670 key resistance. Considering bearish divergence in 4 hour MACD, we’d expect upside to be limited there, at least on first attempt, to bring pull back. On the downside, break of 0.6402 support will indicate short term topping and turn bias to the downside for 0.6253 support.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6448; (P) 0.6487; (R1) 0.6563; More…

Intraday bias in AUD/USD stays neutral first as it’s remaining below 0.6569 resistance. Rebound from 0.5506 might still extend higher. But considering bearish divergence condition in 4 hour MACD, upside should be limited by 0.6670 key resistance, at least on first attempt. on the downside, break of 0.6372 should indicate confirm short term reversal and bring deeper fall to 38.2% retracement of 0.5506 to 0.6569 at 0.6163 first.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUDUSD Still Consolidating; Unable to Break Lower Channel

AUDUSD has been consolidating since the end of April around the Ichimoku cloud and the 40-period simple moving average (SMA) currently at 0.6473. The price is trading within the 0.6378 – 0.6570 area with the stochastics approaching the overbought zone and the RSI touching the 50 level, suggesting some more gains in the 4-hour chart.

If prices continue to head higher, resistance should come from the 0.6520 barrier. A jump above it would reinforce the upside move and open the way towards the seven-week high of 0.6570, which has been a strong resistance in the past. A successful attempt above this hurdle would shift the neutral outlook to bullish, meeting the 0.6685 peak, achieved on March 9.

However, should a downside reversal take form, immediate support would likely come from the 0.6400 – 0.6378 zone. If there is a break below these levels, the market would switch to bearish, challenging the 23.6% Fibonacci retracement level of the upward wave from the 17-year low of 0.5506 to 0.6570 at 0.6315, with the next support coming from the 0.6215 – 0.6250 area.

Summarizing, the pair is still in a neutral tone and traders may wait for any break outside of the current range of 0.6378 – 0.6570.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6387; (P) 0.6431; (R1) 0.6459; More…

Intraday bias in AUD/USD remains neutral for the moment. Rebound from 0.5506 might still extend higher. But considering bearish divergence condition in 4 hour MACD, upside should be limited by 0.6670 key resistance, at least on first attempt. on the downside, break of 0.6372 should indicate confirm short term reversal and bring deeper fall to 38.2% retracement of 0.5506 to 0.6569 at 0.6163 first.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Weekly Outlook

AUD/USD continued to stay in range of 0.6372/6569 last week and outlook is unchanged. Initial bias remains neutral this week first. Rebound from 0.5506 might still extend higher. But considering bearish divergence condition in 4 hour MACD, upside should be limited by 0.6670 key resistance, at least on first attempt. on the downside, break of 0.6372 should indicate confirm short term reversal and bring deeper fall to 38.2% retracement of 0.5506 to 0.6569 at 0.6163 first.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

In the longer term picture, down trend from 1.1079 (2011) is still in progress. It’s a bit early to judge the depth of the down trend. But sustained break of 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 could pave the way to 100% projection at 0.3882.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6420; (P) 0.6444; (R1) 0.6485; More…

AUD/USD is staying in range of 0.6372/6569 and intraday bias remains neutral. Another rise could be seen through 0.6569 resistance. But considering bearish divergence condition in 4 hour MACD, upside should be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6372 support should confirm short term reversal and bring deeper fall to 38.2% retracement of 0.5506 to 0.6569 at 0.6163 first.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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AUD/USD Daily Report

Daily Pivots: (S1) 0.6423; (P) 0.6473; (R1) 0.6508; More…

Intraday bias in AUD/USD remains neutral at this point as range trading continues. Another rise could be seen through 0.6569 resistance. But considering bearish divergence condition in 4 hour MACD, upside should be limited by 0.6670 key resistance, at least on first attempt. On the downside, break of 0.6372 support should confirm short term reversal and bring deeper fall to 38.2% retracement of 0.5506 to 0.6569 at 0.6163 first.

In the bigger picture, there is no clear sign of trend reversal yet. The larger down trend from 1.1079 (2011 high) is still in favor to extend. 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507 is already met. Sustained break there will pave the way to 0.4773 (2001 low). On the upside, however, sustained break of 0.6607 will suggest medium term bottoming and turn focus to 0.7031 resistance next.

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