AUD/USD Daily Outlook
Daily Pivots: (S1) 0.9551; (P) 0.9610; (R1) 0.9692; More...
AUD/USD's recovery and breach of 0.9695 minor resistance suggests that a short term bottom if formed at 0.9527 on bullish convergence condition in 4 hours MACD. Intraday bias is turned neutral first. Stronger recovery might be seen but we'd expect upside to be limited by 38.2% retracement of 1.0384 to 0.9527 at 0.9854 and bring fall resumption. Below 0.9527 will target 0.9387 support next.
In the bigger picture, current development, with strong downside momentum in AUD/USD argues that price actions from 1.1079 medium term top are developing into a deep correction. Break of 0.9588 should now send AUD/USD to 38.2% retracement of 0.6008 to 1.1079 at 0.9142 and below. Though, we'd expect strong support above 0.8066 and bring rebound.