AUD/USD Daily Outlook
Daily Pivots: (S1) 1.0382; (P) 1.0419; (R1) 1.0477; More...
Intraday bias in AUD/USD remains on the upside and rebound from 1.0115 is still in progress. Further rise should be seen to retest 1.0597/0624 resistance zone first. On the downside, break of 1.0343 minor support is needed to signal short term topping. Otherwise, outlook will stay bullish.
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.