AUD/USD Daily Outlook
Daily Pivots: (S1) 0.8903; (P) 0.8941; (R1) 0.8966; More...
With 0.9069 minor resistance intact, deeper decline could be seen in AUD/USD. But again, we'd possibly see strong support above 0.8847 to bring rebound to extend the consolidation from 0.8847. Above 0.9069 minor resistance will turn bias back to the upside for 0.9232 and the 0.9317. Break will target 38.2% retracement of 1.0581 to 0.8847 at 0.9509. However, sustained break of 0.8847 will extend the larger fall towards medium term retracement level at 0.8544.
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.