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 AUD/USD Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: AUD/USD Daily Outlook   Mon Mar 17, 2014 9:30 am



AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9001; (P) 0.9025; (R1) 0.9054; More...

Intraday bias in AUD/USD stays neutral as it's staying in range below 0.9132.. As the pair is still holding above 0.8890 support, near term outlook stays bullish for another rise. Above 0.9132 will extend the rebound from 0.8659 towards 61.8% projection of 0.86590 to 0.9080 from 0.8890 at 0.9150 will target 100% projection at 0.9311. However, break of 0.8890 will dampen our bullish view and turn focus back to 0.8659 low instead.

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 from 1.1079 to a new low.
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