fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: AUD/USD Daily Outlook Fri Jan 24, 2014 10:22 am | |
| AUD/USD Daily Outlook Daily Pivots: (S1) 0.8715; (P) 0.8783; (R1) 0.8836; More... The break of 0.8756 indicates resumption of recent decline. Intraday bias is back on the downside for 61.8% projection of 0.9757 to 0.8821 from 0.9085 at 0.8507, which is close to next long term fibonacci level at 0.8544. On the upside, above 0.8887 will turn bias neutral again. But then, near term outlook will remain bearish as long as 0.9085 resistance holds. 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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