AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9268; (P) 0.9326; (R1) 0.9373; More...

Intraday bias in AUD/USD remains neutral for the moment. As noted before, we're still expecting strong support from mentioned 0.9280 to contain downside to complete the pull back from 0.9757 and bring rebound. Break of 0.9421 will affirm our view and turn bias back to the upside for 0.9542 resistance and above. However, sustained break of 0.9280 will have some bearish implication and would bring deeper decline 61.8% retracement of 0.8847 to 0.9757 at 0.9195 and below.

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.