AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 1.0196; (P) 1.0220; (R1) 1.0259; More...

There was no sustained selling in AUD/USD yet. But after all, as long as 1.0374 resistance holds, near term outlook stays bearish and deeper fall is expected to 1.0148 support. Break will confirm bearishness and should target lower trend line support (now at 0.9821). However, break of 1.0374 will argue that fall from 1.0597 has completed and will turn bias back to the upside for retesting 1.0597/0624 resistance zone.

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.