Thu, Feb 02, 2023 @ 16:55 GMT

AUD/USD Mid-Day Report

Daily Pivots: (S1) 0.6718; (P) 0.6758; (R1) 0.6788; More…

AUD/USD’s rally from 0.6169 resumed by break through 0.6850 as well as 0.6871 fibonacci level. Intraday bias is back on the upside for 61.8% projection of 0.6271 to 0.6796 from 0.6641 at 0.6965. Firm break there will target 100% projection at 0.7166 next. For now, outlook will stay bullish as long as 0.6728 support holds, in case of retreat.

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.

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