fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: AUD/USD Daily Outlook  Wed Feb 05, 2014 10:52 am | |
|  AUD/USD Daily Outlook Daily Pivots: (S1) 0.8789; (P) 0.8865; (R1) 0.9000; More... Intraday bias in AUD/USD remains on the upside for the moment. A short term bottom is formed at 0.8659 and further rally would be seen to 0.9085 resistance. More importantly, considering bullish convergence condition in daily MACD, the near term trend in AUD/USD should be reversing. Break of 0.9085 will affirm this case and have larger bullish implications. On the downside, though, below 0.8729 minor support will turn bias back to the downside and extend the larger fall to next long term fibonacci level at 0.8544. In the bigger picture, price actions from 1.1079 are 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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