AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 1.0274; (P) 1.0304; (R1) 1.0326; More...

AUD/USD jumps to as high as 1.0381 so far today and breached 1.0374 minor resistance. Intraday bias remains on the upside. Sustained break of 1.0374 will confirm completion of the choppy decline from 1.0597 and should turn outlook bullish for a test on 1.0597/0624 resistance zone. Though, break of 1.0281 will dampen this bullish case and flip bias back to the downside for 1.0115 support first.

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.