AUD/USD weakened last week and took out 0.7472 support. The development revived that case that rise from 0.71580 has completed at 0.7748. Therefore, deeper fall is now expected back to 0.7144/7158 support zone.

Initial bias in AUD/USD is neutral this week for consolidation above 0.7439 temporary low. But outlook will remain bearish as long as 0.7609 resistance holds. Below 0.7439 will target 0.7144/7158 support zone. At this point, there is no clear sign of larger down trend resumption yet. Hence we’ll be cautious on strong support from0.7144/58 to contain downside and bring rebound. On the upside, break of 0.7609 will argue that the fall from 0.7748 has completed. In such case, bias will be turned back to the upside for 0.7748 resistance.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction pattern. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

In the longer term picture, while the down trend from 1.1079 might extend lower, we’re not anticipating a break of 0.6008 (2008 low) yet. We’ll look for bottoming above there to reverse the medium term trend.

Daily Pivots: (S1) 0.7440; (P) 0.7466; (R1) 0.7492; More…

Intraday bias in AUD/USD remains on the downside for the moment. Current development suggests that rise from 0.7150 is completed at 0.7748. Deeper decline is expected to test 0.7144/58 key near term support zone. On the upside, break of 0.7609 resistance is now needed to indicate completion of the fall from 0.7748. Otherwise, outlook will stay mildly bearish in case of recovery.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7435; (P) 0.7493; (R1) 0.7532; More…

AUD/USD’s break of 0.7472 support revives that case that whole rise from 0.7150 is completed at 0.7748. Intraday bias is turned back to the downside. Deeper fall is now anticipated back to test 0.7144/58 key near term support zone. On the upside, break of 0.7609 resistance is now needed to indicate completion of the fall from 0.7748. Otherwise, outlook will stay mildly bearish in case of recovery.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7512; (P) 0.7542; (R1) 0.7564; More…

Intraday bias in AUD/USD is turned neutral first. On the downside, below 0.7490 minor support will likely send the pair through 0.7472 near term support. In that case, whole rise from 0.7150 should be completed at 0.7748. Outlook will then be turned bearish for retesting 0.7144/58 support zone. On the upside, above 0.7609 resistance will turn bias to the upside for retesting 0.7748 instead.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7543; (P) 0.7563; (R1) 0.7589; More…

Intraday bias in AUD/USD is mildly on the upside for 0.7609 resistance. Break will indicate resumption of rise from 0.7472 and target 0.7748 high. That will also argue that whole rally from 0.7158 is resuming and put 0.7849 key resistance fibonacci level in focus. On the downside, below 0.7490 will now likely send AUD/USD through 0.7472 low.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7524; (P) 0.7535; (R1) 0.7553; More…

Intraday bias in AUD/USD is turned back to the upside with breaking of 0.7562 minor resistance. Break of 0.7609 resistance will indicate resumption of rise from 0.7472 and target 0.7748 high. That will also argue that whole rally from 0.7158 is resuming and put 0.7849 key resistance fibonacci level in focus. On the downside, below 0.71490 will now likely send AUD/USD through 0.7472 low.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

AUD/USD’s rebound lost momentum after hitting 0.7609 and reversed. The development mixed out the near term outlook. And we’ll wait and see which side AUD/USD will break out to.

Initial bias in AUD/USD is neutral this week first. With 0.7562 minor resistance intact, deeper fall is just mildly in favor for0.7472 support. Firm break there will revive the case that whole rise from 0.7158 is completed at 0.7740. In that case, AUD/USD will target a test on 0.7158 key support level next. On the upside, above 0.7562 minor resistance will turn bias back to the upside for 0.7609 resistance. Break will target a test on 0.7748 high.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

In the longer term picture, while the down trend from 1.1079 might extend lower, we’re not anticipating a break of 0.6008 (2008 low) yet. We’ll look for bottoming above there to reverse the medium term trend.

Daily Pivots: (S1) 0.7496; (P) 0.7522; (R1) 0.7551; More…

With 0.7562 minor resistance intact, deeper fall could be seen back to 0.7472 support. Firm break there will revive the case that whole rise from 0.7158 is completed at 0.7740. In that case, AUD/USD will target a test on 0.7158 key support level next. On the upside, above 0.7562 minor resistance will turn bias back to the upside for 0.7609 resistance. Break will target a test on 0.7748 high.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7471; (P) 0.7516; (R1) 0.7542; More…

AUD/USD recovers mildly today but intraday bias remains on the downside for 0.7472 support. Firm break there will revive the case that whole rise from 0.7158 is completed at 0.7740. In that case, AUD/USD will target a test on 0.7158 key support level next. On the upside, above 0.7562 minor resistance will turn bias back to the upside for 0.7609 resistance. Break will target a test on 0.7748 high.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7529; (P) 0.7563; (R1) 0.7592; More…

The break of 0.7530 minor support suggests that rebound from 0.7472 has completed at 0.7609 already. Intraday bias in AUD/USD is turned back to the downside for 0.7472 first. Firm break there will revive the case that whole rise from 0.7158 is completed at 0.7740. In that case, AUD/USD will target a test on 0.7158 key support level next. Meanwhile, above 0.7609 will turn bias back to the upside for 0.7748.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

Daily Pivots: (S1) 0.7565; (P) 0.7588; (R1) 0.7611; More…

AUD/USD retreats today as rebound from 0.7472 lost momentum after hitting 0.7609. Intraday bias is turned neutral first. At this point, we’re still slightly favoring the case that pull back from 0.7748 is completed at 0.7472. And rise fro 0.7158 is possibly resuming. Above 0.7609 will target 0.7678 resistance first. Break there will confirm this case and send AUD/USD through 0.7748 towards long term fibonacci level at 0.7849. On the downside, though, below 0.7530 minor support will turn bias back to the downside for 0.7472 instead.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

AUD/USD dipped to 0.7472 last week but failed to sustain below 0.7490 support and rebounded. The development argues that rise from 0.7158 is possibly not completed yet. And another rally could be seen through 0.7748 resistance to test key long term fibonacci level at 0.7849.

Initial bias in AUD/USD is mildly on the upside this week for 0.7678 resistance. Break there will confirm completion of the pull back from 0.7748. And rise from 0.7158 would be resuming. AUD/USD should target 0.7748 and above next. On the downside, below 0.7530 minor support will turn bias neutral again, with focus back on 0.7472 support.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8144) and above.

In the longer term picture, while the down trend from 1.1079 might extend lower, we’re not anticipating a break of 0.6008 (2008 low) yet. We’ll look for bottoming above there to reverse the medium term trend.

Daily Pivots: (S1) 0.7487; (P) 0.7507; (R1) 0.7542; More…

AUD/USD rebounded strongly with firm break of 0.7531 minor resistance. That indicates fall from 0.7748 is completed at 0.7472, after failing to sustain below 0.7490 key support. Intraday bias is turned back to the upside for 0.7678 resistance. More importantly, the development argues that rise from 0.7158 may be resuming. Break of 0.7678 could now pave the way through 0.7748 and put key fibonacci level at 0.7849 in focus. On the downside, below 0.7530 minor support will turn bias neutral again.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.

Daily Pivots: (S1) 0.7477; (P) 0.7495; (R1) 0.7517; More…

Intraday bias in AUD/USD is turned neutral for the moment. Rise from 0.7158 is likely completed at 0.7748. And, near term trend has reversed. Sustained break of 0.7490 support should confirm this bearish case. And, deeper fall should be seen back to 0.7158 support zone next. On the upside, above 0.7351 minor resistance with dampen this view and turn bias back to the upside for 0.7586/7678 resistance zone instead.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.

Daily Pivots: (S1) 0.7483; (P) 0.7495; (R1) 0.7515; More…

Intraday bias stays on the downside with 0.7531 minor resistance intact. Rise from 0.7158 is already completed at 0.7748. And, near term trend has reversed. Deeper fall should be seen back to support zone next. On the upside, above 0.7351 minor resistance will turn bias neutral and bring recovery. But upside should be limited by 0.7586 support turned resistance to bring fall resumption.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.

Daily Pivots: (S1) 0.7480; (P) 0.7513; (R1) 0.7531; More…

AUD/USD’s fall from 0.7748 continues today and breaches 0.7490 support. The development indicates that rise from 0.7158 is already completed at 0.7748. And, near term trend has reversed Intraday bias stays on the downside for 0.7144/58 support zone next. On the upside, above 0.7351 minor resistance will turn bias neutral and bring recovery. But upside should be limited by 0.7586 support turned resistance to bring fall resumption.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.

AUD/USD’s sharp decline last week and downside acceleration is affirming the case of near term reversal. That is rise from 0.7158 is completed at 0.7748 already. Focus will now be on 0.7490 support. Firm break there will confirm this bearish case and target 0.7158 again in near term.

Initial bias in AUD/USD remains on the downside this week for 0.7490 key near term support. Decisive break there will confirm completion of whole rise form 0.7158. In such case, deeper fall would be seen back to 0.7144/58 support zone. On the upside, break of 0.7586 support turned resistance is needed to confirm completion of the fall from 0.7448. Otherwise, outlook will remains cautiously bearish in case of recovery.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8142) and above.

In the longer term picture, while the down trend from 1.1079 might extend lower, we’re not anticipating a break of 0.6008 (2008 low) yet. We’ll look for bottoming above there to reverse the medium term trend.

Daily Pivots: (S1) 0.7525; (P) 0.7551; (R1) 0.7569; More…

AUD/USD drops to as low as 0.7516 so far today and intraday bias remains on the downside for 0.7490 support. Decisive break of 0.7490 will confirm completion of rise from 0.7158. In such case, near term outlook will be turned bearish for 0.7158 support. On the upside, above 0.7586 minor resistance will turn bias neutral first. And, break of 0.7678 minor resistance will turn bias back to the upside and could extend the rise fro 0.7158 through 0.7748 resistance.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8165) and above.

Daily Pivots: (S1) 0.7554; (P) 0.7570; (R1) 0.7584; More…

AUD/USD’s fall from 0.7748 continues today and reaches as low as 0.7532 so far. Intraday bias remains on downside for 0.7490 support. Decisive break of 0.7490 will confirm completion of rise from 0.7158. In such case, near term outlook will be turned bearish for 0.7158 support. On the upside, above 0.7586 minor resistance will turn bias neutral first. And, break of 0.7678 minor resistance will turn bias back to the upside and could extend the rise fro 0.7158 through 0.7748 resistance.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8165) and above.

Daily Pivots: (S1) 0.7534; (P) 0.7574; (R1) 0.7604; More…

Intraday bias in AUD/USD remains on the downside as fall from 0.7748 should target 0.7490 support first. Firm break of 0.7490 will confirm completion of rise from 0.7158. In such case, near term outlook will be turned bearish for 0.7158 support. On the upside, however, above 0.7678 minor resistance will turn bias back to the upside. And in this case, rise from 0.7159 could extend towards long term retracement level at 0.7849 before completion.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8165) and above.