AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7724; (P) 0.7758; (R1) 0.7792
4H
Intraday bias in AUD/USD remains neutral as the consolidation from 0.7625 is still in progress. Above 0.7875 will bring stronger rebound. But in that case, upside should be limited by 0.8032 support turned resistance and bring down trend resumption. Break of 0.7625 will target next long term fibonacci level at 0.7182.
---------- Post added at 01:07 PM ---------- Previous post was at 11:37 AM ----------
D1
In the bigger picture, the down trend from 1.1079 is still in progress with solid downside momentum. Current fall could be correcting the long term up trend from 0.4773 (2001 low). Such down trend would possibly target 61.8% retracement of 0.4773 to 1.1079 at 0.7182 and below. On the upside, break of 0.8659 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.


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