AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.8771; (P) 0.8796; (R1) 0.8835; More...

A temporary low is in place at 0.8756 in AUD/USD and intraday bias is turned neutral for some consolidations above there. But near term outlook will remain bearish as long as 0.9085 resistance holds. The larger decline is still expected to continue. Below 0.8756 will target 61.8% projection of 0.9757 to 0.8821 from 0.9085 at 0.8507, which is close to next long term fibonacci level at 0.8544.

In the bigger picture, price actions from 1.1079 is viewed as a medium term correction. Such correction is still in progress and would target 50% retracement of 0.6008 to 1.1079 at 0.8544 and below. Nonetheless, we'd still expect strong support from 0.8066 to contain downside to complete the correction and bring rebound. Meanwhile, break of 0.9757 resistance indicate that such correction is completed and turn outlook bullish.