fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: AUD/USD Daily Outlook Tue Sep 03, 2013 9:45 am | |
| AUD/USD Daily Outlook Daily Pivots: (S1) 0.8928; (P) 0.8971; (R1) 0.9018; More... AUD/USD's recovery from 0.8891 continues today and focus is on 0.9069 minor resistance. Break will indicate that pull back from 0.9232 has completed and another rise would then be seen to extend the correction from 0.8847. In such case, intraday bias will be turned back to the upside for 0.9232 and then 0.9317. On the downside, in case of another fall, we'd continue to expect strong support from 0.8847 to contain downside to bring rebound to extend the consolidation from there. 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. | |
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