AUD/USD Daily Outlook
Daily Pivots: (S1) 0.9328; (P) 0.9404; (R1) 0.9456; More...
Intraday bias in AUD/USD remains on the downside and correction from 0.9757 would extend to 50% retracement of 0.8847 to 0.9757 at 0.9302. However, we'd expect strong support from 0.9280 to contain downside and bring rebound. Above 0.9542 minor resistance will turn bias to the upside for retesting 0.9757 resistance.
In the bigger picture, price actions from 1.1079 is viewed as a medium term correction. Rebound from 0.8847 is starting to have an impulsive look and argues that correction from 1.1079 might have completed. Focus will stay on 55 week EMA (now at 0.9714). Break will confirm this case and would possibly bring retest of 1.0681/1079 resistance zone. On the downside, though, break of 0.9280 support will suggest that correction 1.1079 is still going to extend deeper to 50% retracement of 0.6008 to 1.1079 at 0.8544.