AUD/USD Daily Outlook
Daily Pivots: (S1) 1.0228; (P) 1.0276; (R1) 1.0301; More...
AUD/USD dips further to 1.0240 so far today and intraday bias remains on the downside. As noted before, the corrective rally from 1.0148 has already completed at 1.0597. Fall from there should extend to retest 1.0148 support and break will resume the whole downward leg from 1.0624. On the upside, break of 1.0347 minor resistance is needed to signal short term bottoming. Otherwise, outlook will stay mildly bearish.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. Fall from 1.0624 is viewed as the last leg inside the pattern and could extend lower. But downside of the fall from there should be contained above 0.9588 and the larger up trend is ready to resume soon. Break of 1.0624 should send AUD/USD through 1.0852 to retest 1.1079 resistance next.