AUD/USD Daily Outlook
Daily Pivots: (S1) 1.0271; (P) 1.0322; (R1) 1.0358; More...
At this point, we're staying cautiously bearish in AUD/USD. Break of 1.0266 will target 1.0148 support first. In this case, we're treating fall from 1.0624 as part of a larger consolidation pattern and would target parity and below. However, above 1.0457 will suggest that fall from 1.0597 is merely a part of there consolidation pattern from 1.0624 and should then turn bias back to the upside for retesting this resistance.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. Fall from 1.0624 is viewed as the last leg inside the pattern and could extend lower. But downside of the fall from there should be contained above 0.9588 and the larger up trend is ready to resume soon. Break of 1.0624 should send AUD/USD through 1.0852 to retest 1.1079 resistance next.