AUDUSD Outlook
AUD/USD Daily Report
AUD/USD's fall from 0.7237 resumed by breaking through 0.6893 support. Intraday bias is back on the downside. Break of 61.8% projection of 0.7237 to 0.6893 from 0.7067 at at 0.6854 will pave the way to 100% projection at 0.6723. On the upside, above 0.6952 minor resistance will turn intraday bias neutral first.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a corrective pattern to rise from 0.5913. While deeper pullback cannot be ruled out, downside should be contained by 38.2% retracement of 0.5913 to 0.7277 at 0.6756 to bring rebound. Consolidations would continue below 0.7277 for a while, before an eventual upside breakout. However, sustained break of 0.6756 will raise the chance of larger bearish reversal.
AUD/USD Daily Report
Intraday bias in AUD/USD remains neutral at this point. Rebound from 0.6893 could have completed at 0.7067. Below 0.6952 will target a retest on 0.6893 low. However, break of 0.7067 will extend the rebound to 61.8% retracement of 0.7237 to 0.6893 at 0.7106.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a corrective pattern to rise from 0.5913. While deeper pullback cannot be ruled out, downside should be contained by 38.2% retracement of 0.5913 to 0.7277 at 0.6756 to bring rebound. Consolidations would continue below 0.7277 for a while, before an eventual upside breakout. However, sustained break of 0.6756 will raise the chance of larger bearish reversal.
AUD/USD Daily Report
Intraday bias in AUD/USD is turned neutral first with current recovery. Rebound from 0.6893 could have completed at 0.7067. Below 0.6952 will target a retest on 0.6893 low. However, break of 0.7067 will extend the rebound to 61.8% retracement of 0.7237 to 0.6893 at 0.7106.
In the bigger picture, price action from 0.7277 medium term top is seen as developing into a corrective pattern to rise from 0.5913. While deeper pullback cannot be ruled out, downside should be contained by 38.2% retracement of 0.5913 to 0.7277 at 0.6756 to bring rebound. Consolidations would continue below 0.7277 for a while, before an eventual upside breakout. However, sustained break of 0.6756 will raise the chance of larger bearish reversal.
