AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9002; (P) 0.9106; (R1) 0.9169; More...

At this point, we'd still expect strong support from 0.9 psychological level to contain downside and bring rebound. Break of 0.9317 should now confirm short term bottoming and should target 0.9665 resistance and above. However, sustained break of 0.9 will pave the way to next medium term fibo level at 0.8544.

In the bigger picture, current development indicates price actions from 1.1079 are developing into a deep medium term correction and should target 50% retracement of 0.6008 to 1.1079 at 0.8544. Though, we'd expect strong support above 0.8066 to complete the correction and bring sustainable rebound.