AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9520; (P) 0.9602; (R1) 0.9656; More...

Intraday bias in AUD/USD remains neutral for the moment and some more consolidations would be seen. In case of another recovery, upside should 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. Such correction would target 38.2% retracement of 0.6008 to 1.1079 at 0.9142 and below. Though, in that case, we'd expect strong support above 0.8066 and bring rebound.