AUD/USD retreated after surging to 0.6588 last week. But late breach of this resistance indicates that recent rally is resuming. Initial bias is back on the upside this week. Current rise from 0.6269 should target falling channel resistance (now at 0.6670) next. For now, outlook will remain bullish as long as 0.6520 support holds, in case of retreat.
In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. While current rebound from 0.6269 might extend higher, it could be the third leg of the corrective pattern from 0.6169 (2022 low) only. For now, medium term bearishness will remain as long as 0.6894 resistance holds.
In the long term picture, the down trend from 1.1079 (2011 high) should have completed at 0.5506(2020 low) already. It’s unsure yet whether price actions from 0.5506 are developing into a corrective pattern, or trend reversal. But in either case, fall from 0.8006 is seen the second leg of the pattern. Hence, in case of deeper decline, downside strong support should emerge above 0.5506 to bring reversal.
 next. For now, outlook will remain bullish as long as 0.6520 support holds, in case of retreat.){kind=link}