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 AUD/USD Daily Outlook

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Join date : 2012-01-25

PostSubject: AUD/USD Daily Outlook   Thu Mar 06, 2014 10:33 am

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.8947; (P) 0.8972; (R1) 0.9008; More...

AUD/USD rises sharply today and the break of the falling channel from 0.9080 argues that the pull back might be finished at 0.8890 already. Intraday bias is mildly on the upside for 0.9080/5 resistance. Decisive break there will firstly resume the rebound from 0.8659. Also, that will be early signal of larger trend reversal and should target 38.2% retracement of 1.1079 to 0.8659 at 0.9583 next. Meanwhile, break of 0.8890 will argue that such rebound is completed and turn near term outlook bearish for 0.8659 support.

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