Daily Pivots: (S1) 1.0502; (P) 1.0532; (R1) 1.0557;
No change in AUD/USD's outlook. Choppy rally from 1.0148 could extend higher but it's nonetheless viewed as a corrective rally. And, we'd expect strong resistance below 1.0624 to limit upside and bring another decline. Below 1.0461 minor support will turn bias back to the downside, further break of 1.0286 support will target a new low below 1.0148.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. Fall from 1.0624 is viewed as the last leg inside the pattern and could extend lower. But downside of the fall from there should be contained above 0.9588 and the larger up trend is ready to resume soon. Break of 1.0624 should send AUD/USD through 1.0852 to retest 1.1079 resistance next.


Thread: 
Thanks

Currently Active Users
Forex Forum India Statistics