AUD/USD Daily Outlook
Daily Pivots: (S1) 0.8934; (P) 0.9003; (R1) 0.9042; More...
Intraday bias in AUD/USD is mildly on the downside and deeper fall would be seen back to 0.8847 low. Break will extend the fall from 1.0581 towards medium term retracement level at 0.8544. On the upside, above 0.9097 minor resistance will turn bias back to the upside to extend the consolidation from 0.8847. Break of 0.9323 will target 38.2% retracement of 1.0581 to 0.8847 at 0.9509.
In the bigger picture, current development indicates price actions from 1.1079 are developing into a deep medium term correction and should target 50% retracement of 0.6008 to 1.1079 at 0.8544. Though, we'd expect strong support above 0.8066 to complete the correction and bring sustainable rebound. Sustained break of 0.9588 is needed to be the first sign that such correction is finished.