Daily Pivots: (S1) 0.7037; (P) 0.7122; (R1) 0.7174; More…

Intraday bias in AUD/USD remains cautiously on the downside for 0.7054 support first. Decisive break there will complete a head and shoulder term pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.6429; (P) 0.6478; (R1) 0.6538; More…

Intraday bias in AUD/USD remains neutral at this point. Consolidation from 0.6362 is extending and stronger recovery cannot be ruled out. But upside should be limited well below 0.6698 support turned resistance. Break of 0.6362 will resume larger down trend to 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155.

In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.7135 resistance holds. With 61.8% retracement of 0.5506 (2020 low) to 0.8006 at 0.6461 firmly taken out, next target is 0.5506 low. Medium term momentum will now be closely monitored to gauge the chance of break of 0.5506.

Daily Pivots: (S1) 0.7872; (P) 0.7915; (R1) 0.7956; More…

AUD/USD recovers mildly today but stays below 0.7988 temporary top. Intraday bias remains neutral as consolidation from there might extend. Another fall cannot be ruled out. But near term outlook will remain bullish as long as 0.7785 support holds and another rise is expected. Break of 0.7988 will target 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335 next. However, break of 0.7785 will argue that deeper pull back in under way and could target 55 day EMA (now at 0.7640).

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

Daily Pivots: (S1) 0.6380; (P) 0.6404; (R1) 0.6430; More…

Intraday bias in AUD/USD remains on the downside despite loss of downside momentum. Current fall should target 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. On the upside, above 0.6479 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.

In the bigger picture, current development argues that the down trend from 0.8006 (2021 high) is still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.

Daily Pivots: (S1) 0.7918; (P) 0.7943; (R1) 0.7972; More…

AUD/USD’s consolidation from 0.8065 is still in progress and intraday bias stays neutral at this point. . Further rise is in favor with 0.7877 support intact. Break of 0.8065 will target 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335. Nonetheless, break of 0.7877 will indicate short term topping, possibly with bearish divergence condition in 4 hour MACD. In such case, intraday bias will be turned back to the downside for 0.7711 resistance turned support.

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

AUD/USD stayed in consolidation above 0.7040 last week. Initial bias stays neutral this week first. In case of another rebound, upside should bel limited well below 0.7314 resistance to bring fall resumption. On the downside, break of 0.7040 will resume recent down trend to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948 next.

In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). However, break of 0.7500 support turned resistance will argue that the corrective pattern from 0.6826 is going to extend with another rising leg before completion.

In the longer term picture, the corrective structure of rebound from 0.6826 (2016 low) to 0.8135, and the failure to break 38.2% retracement of 1.1079 (2011 high) to 0.6826 at 0.8451, carry bearish implications. AUD/USD was also rejected by 55 month EMA. Now, the down trend from 1.1079 is in favor to extend. On break of 0.6826, next target will be 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507.

Daily Pivots: (S1) 0.7042; (P) 0.7095; (R1) 0.7175; More…

Intraday bias in AUD/USD remains on the upside at this point. Current rise should target 61.8% projection of 0.6402 to 0.7064 from 0.6776 at 0.7185. Sustained break there will target long term EMA level at 0.7311 next. On the downside, break of 0.6963 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, rebound from 0.5506 medium term bottom could be correcting whole long term down trend from 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7311). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6750). Sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.

Daily Pivots: (S1) 0.7089; (P) 0.7120; (R1) 0.7150; More…

Intraday bias in AUD/USD remains neutral at this point, with focus on 0.7088 minor support. Break there should indicate completion of the corrective rise from 0.7040 and bring retest of this low. Firm break there will resume recent down trend to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948 next. On the upside, above 0.7159 will extend the correction. But upside should be limited well below 0.7314 resistance to bring down trend resumption eventually.

In the bigger picture, fall from 0.8135 is tentatively treated as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 will target 0.6008 key support next (2008 low). However, break of 0.7500 support turned resistance will argue that the corrective pattern from 0.6826 is going to extend with another rising leg before completion.

Daily Pivots: (S1) 0.6823; (P) 0.6852; (R1) 0.6895; More…

A short term top is formed at 0.6892 in AUD/USD with current decline. Intraday bias back on the downside for 38.2% retracement of 0.6169 to 0.6892 at 0.6616. Sustained break there will suggest rejection by 0.66871 fibonacci level. Deeper fall should then be seen to 61.8% retracement at 0.6445. For now, risk will stay mildly on the downside as long as 0.6892 resistance holds, in case of recovery.

In the bigger picture, it’s still unsure if price actions from 0.6169 medium term bottom are developing into a corrective pattern or trend rejection. Rejection by 38.2% retracement of 0.8006 to 0.6169 at 0.6871 will maintain medium term bearishness for another fall through 0.6169 at a later stage. However, firm break of 0.6871, and sustained trading above 55 week EMA (now at 0.6912) will raise the chance of the start of a bullish up trend.

Daily Pivots: (S1) 0.7145; (P) 0.7160; (R1) 0.7188; More…

AUD/USD is staying in consolidation from 0.7243 and intraday bias remains neutral first. As long as 0.7076 support holds, another rally could still be seen. Break of 07243 will resume larger rise from 0.5506. Nevertheless, considering bearish divergence condition in 4 hour MACD, break of 0.7076 support should confirm short term topping. In this case, intraday bias will be turned back to the downside for 0.6776 support.

In the bigger picture, rebound from 0.5506 medium term bottom could be correcting whole long term down trend from 1.1079 (2011 high). Further rally would be seen to 55 month EMA (now at 0.7311). This will remain the preferred case as long as it stays above 55 week EMA (now at 0.6804). However, sustained trading below 55 week EMA will turn focus back to 0.5506 low instead.

AUD/USD dropped notably after edging higher to 0.7483 last week. But downside was contained well above 0.7309 low as the pair recovered. Initial bias is neutral this week first. The consolidation from 0.7309 could extend further and above 0.7483 will bring stronger rise. But even in that case, upside should be limited below 0.7676 resistance to bring larger fall resumption. On the downside, below 0.7359 will target 0.7309 support first. Sustained trading below 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

In the longer term picture, 0.6826 is seen as a long term bottom. Rise from there could either reverse the down trend from 1.1079, or just develop into a corrective pattern. At this point, we’re favoring the latter. And, as long as 38.2% retracement of 1.1079 to 0.6826 at 0.8451 holds, we’d anticipate another decline through 0.6826 at a later stage. But strong support should be seen between 0.4773 (2001 low) and 0.6008 (2008 low).

Daily Pivots: (S1) 0.7551; (P) 0.7568; (R1) 0.7593; More…

Intraday bias in AUD/USD stays neutral for the moment. While corrective rise from 0.7411 could extend, we’d expect strong resistance from 38.2% retracement of 0.8135 to 0.7144 at 0.7688 to limit upside and bring decline resumption eventually. On the downside, below 0.7502 minor support will argue that the corrective rise is completed and bring retest of 0.7411 low. Firm break there will resume the fall from 0.8135 and target cluster support at 0.7328 (61.8% retracement of 0.6826 to 0.8135 at 0.7326).

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

Daily Pivots: (S1) 0.6966; (P) 0.6985; (R1) 0.7011; More…

AUD/USD’s break of 0.6988 resistance should confirm short term bottoming at 0.6864, on bullish convergence condition in 4 hour MACD. Also, the decline from 0.7295 could have completed with three waves down to 0.6864 too. Intraday bias now stays on the upside for 0.7069 resistance first. Break will target 0.7205 key resistance next. On the downside, though, break of 0.6938 minor support will turn bias back to the downside for 0.6864 low instead.

In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7902; (P) 0.7936; (R1) 0.7970; More…

AUD/USD continues to stay in consolidation below 0.7988 and intraday bias remains neutral. Near term outlook remains bullish as long as 0.7785 support holds and another rise is expected. Break of 0.7988 will target 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335 next. However, break of 0.7785 will argue that deeper pull back in under way and could target 55 day EMA (now at 0.7658).

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

Daily Pivots: (S1) 0.7893; (P) 0.7920; (R1) 0.7942; More…

AUD/USD is staying in consolidation from 0.8065 and intraday bias remains neutral. As long as 0.7877 support holds, another rise remains mildly in favor. Break of 0.8065 will target 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335. Nonetheless, break of 0.7877 will indicate short term topping, with bearish divergence condition in 4 hour MACD. In such case, intraday bias will be turned back to the downside for 0.7711 resistance turned support.

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, break of 55 month EMA (now at 0.8100) will target 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

Daily Pivots: (S1) 0.6869; (P) 0.6916; (R1) 0.6976; More…

Intraday bias in AUD/USD is turned neutral with current recovery. Corrective rebound from 0.6680 could have completed with three waves up to 0.7135. Below 0.6855 will target a retest on 0.6680 low. However, break of 0.7135 will invalidate this view and resume the rebound from 0.6680 instead.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

AUD/USD’s decline and break of 0.6619 last week argues that corrective pattern from 0.6563 has completed at 0.6804. Further decline is in favor this week as long as 0.6664 resistance holds. Firm break of 0.6563 will resume larger decline from 0.7156, and bring deeper decline through 0.6546 fibonacci level to 61.8% projection of 0.7156 to 0.6563 from 0.6804 at 0.6438 next. On the upside, break 0.6664 minor resistance will turn bias to the upside to extend the consolidation pattern with another rising leg.

In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.

In the long term picture, initial rejection by 55 M EMA (now at 0.7145) retains long term bearishness. That is, down trend from 1.1079 (2011 high) could still resume through 0.5506 (2020 low) on resumption.

Daily Pivots: (S1) 0.6368; (P) 0.6398; (R1) 0.6428; More…

AUD/USD recovered after drawing support from 0.6371, but stays below 0.6539 resistance. Intraday bias stays neutral first. On the upside, decisive break of 0.6535 resistance, and sustained trading above 55 day EMA (now at 0.6553), will raise the chance of medium term bottoming, and target 0.6680 support turned resistance next. On the downside, below 0.6371 minor support will turn bias back to the downside for retesting 0.6169 low instead.

In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium term momentum remains strong and retest of 0.5506 (2020 low) cannot be ruled out. But firm break of 0.6680 will be the first sign of reversal, and bring stronger rebound back to 0.7135 resistance.

Daily Pivots: (S1) 0.6876; (P) 0.6888; (R1) 0.6913; More…

Intraday bias in AUD/USD remains neutral as consolidation from 0.6864 temporary low is extending. . In case of another recovery, upside should be limited by 0.6988 support turned resistance to bring fall resumption. On the downside, break of 0.6864 will turn bias to the downside and extend the fall from 0.7295 to 161.8% projection of 0.7295 to 0.7003 from 0.7205 at 0.6733, which is close to 0.6722 low.

In the bigger picture, with 0.7393 key resistance intact, medium term outlook remains bearish. The decline from 0.8135 (2018 high) is seen as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7344; (P) 0.7367; (R1) 0.7404; More…

AUD/USD is staying in consolidation from 0.7288 and intraday bias remains neutral. Further fall is expected as long as 0.7443 support turned resistance holds. On the downside, break of 0.7288 will resume the whole decline from 0.8006 to 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120 next. On the upside, break of 0.7443 will indicate short term bottoming, and bring stronger rebound to 0.7530 support turned resistance instead.

In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We’d look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term trend has indeed reversed.