fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: AUD/USD Daily Outlook  Tue Jan 14, 2014 8:15 am | |
|  AUD/USD Daily Outlook Daily Pivots: (S1) 0.8997; (P) 0.9041; (R1) 0.9098; More... Intraday bias in AUD/USD remains mildly on the upside for the moment. As noted before, a short term bottom is at least formed at 0.8821 on bullish convergence condition in 4 hours MACD. Further rise should be seen to 0.9166 resistance first. Decisive break there will argue that fall from 0.9757 has completed too and will turn outlook bullish for this resistance. On the downside, though, break of 0.8821 would extend the larger decline for another low below 0.8821. In the bigger picture, price actions from 1.1079 is viewed as a medium term correction. Such correction is still in progress and would target 50% retracement of 0.6008 to 1.1079 at 0.8544 and below. Nonetheless, we'd still expect strong support from 0.8066 to contain downside to complete the correction and bring rebound. Meanwhile, break of 0.9757 resistance indicate that such correction is completed and turn outlook bullish. | |
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