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 AUD/USD Daily Outlook

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Join date : 2012-01-25

PostSubject: AUD/USD Daily Outlook   Fri Mar 07, 2014 8:37 am

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9003; (P) 0.9058; (R1) 0.9143; More...

AUD/USD's rally extends higher and reaches as high as 0.9112 so far. The break of 0.9085 resistance is taken as an early sign of larger reversal. Intraday bias remains on the upside and current rally would target 61.8% projection of 0.86590 to 0.9080 from 0.8890 at 0.9150 and then 100% projection at 0.9311. On the downside, below 0.9032 minor support will turn bias neutral and bring consolidations. But downside should be contained well above 0.8890 and bring rally resumption.

In the bigger picture, price actions from 1.1079 are viewed as a medium term correction. Current development argues that it's possibly finished at 0.8659 on bullish convergence condition in weekly MACD, ahead of 50% retracement of 0.6008 to 1.1079 at 0.8544. Rebound from there would extend higher to 38.2% retracement of 1.1079 to 0.8659 at 0.9583 first. Sustained break there will confirm this case and target 61.8% retracement at 1.0155 and above. However, break of 0.8890 near term support will dampen this bullish view and would likely extend the correction fro 1.1079 to a new low.
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