AUD/USD Daily Outlook
Daily Pivots: (S1) 0.9290; (P) 0.9314; (R1) 0.9351; More...
Today's sharp fall suggests that a temporary top is formed at 0.9353 and intraday bias in AUD/USD is turned neutral first. As long as 0.9167 minor support holds, another rise is mildly in favor. But rebound from 0.8847 is viewed as a correction. Thus, we'd be cautious on strong resistance around 38.2% retracement of 1.0581 to 0.8847 at 0.9509. However, break of 0.9167 will argue that such correction has completed and will turn bias back to the downside for 0.8847.
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.