AUD/USD Daily Outlook
Daily Pivots: (S1) 0.9247; (P) 0.9282; (R1) 0.9349; More...
AUD/USD's rebound continues to as high as 0.9318 so far and breached 0.9317 resistance. Intraday bias remains on the upside and the corrective rise from 0.8847 should extend higher. We'd be cautious on strong resistance around 38.2% retracement of 1.0581 to 0.8847 at 0.9509. On the downside, below 0.9240 minor support will turn bias neutral first.
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. Sustained break of 0.9588 is needed to be the first sign that such correction is finished.