AUD/USD Daily Outlook

AUD/USD Daily Outlook

Daily Pivots: (S1) 1.0376; (P) 1.0394; (R1) 1.0429; More...

AUD/USD retreats mildly today but with 1.0281 minor support intact, further rise is still expected. Fall from 1.0597 is already finished at 1.0115 and further rally should be seen back to retest 1.0597/0624 resistance zone first. Though, break of 1.0281 will indicate that rebound from 1.0115 has completed and will turn bias back to the downside for retesting 1.0115 instead.

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.