AUD/USD dipped notably last week but stayed above 0.7081 support. Initial bias remains neutral this week first. On the downside, break of 0.7081 support will indicate that corrective rebound from 0.6992 has completed with three waves up to 0.7277, after hitting 55 day EMA. Intraday bias will be back on the downside for retesting 0.6991/2 support zone. Firm break there will resume larger down trend from 0.8006. On the upside, though, break of 0.7277 will turn bias to the upside to resume the rebound.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

In the longer term picture, focus remains on 0.8135 structural resistance. Decisive break there will argue that rise from 0.5506 is developing into a long term up trend that reverses whole down trend from 1.1079 (2011 high). However, rejection by 0.8135 will keep long term outlook neutral at best.

Daily Pivots: (S1) 0.7132; (P) 0.7177; (R1) 0.7209; More…

Intraday bias in AUD/USD remains neutral for the moment. On the downside, break of 0.7081 support will indicate that corrective rebound from 0.6992 has completed with three waves up to 0.7277, after hitting 55 day EMA. Intraday bias will be back on the downside for retesting 0.6991/2 support zone. Firm break there will resume larger down trend from 0.8006. On the upside, though, break of 0.7277 will turn bias to the upside to resume the rebound.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7201; (P) 0.7237; (R1) 0.7257; More…

AUD/USD drops sharply today but stays above 0.7081. Intraday bias remains neutral first. On the downside, break of 0.7081 support will indicate that corrective rebound from 0.6992 has completed with three waves up to 0.7277, after hitting 55 day EMA. Intraday bias will be back on the downside for retesting 0.6991/2 support zone. Firm break there will resume larger down trend from 0.8006. ON the upside, through, break of 0.7277 will turn bias to the upside to resume the rebound.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7200; (P) 0.7225; (R1) 0.7264; More…

Intraday bias in AUD/USD remains neutral first. On the upside, break of 0.7277, and sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. However, break of 0.7081 support will revive near term bearishness and bring retest of 0.6991/2 key support zone.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7158; (P) 0.7217; (R1) 0.7251; More…

Intraday bias in AUD/USD is turned neutral first with break of 0.7205 minor support. On the upside, break of 0.7277, and sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. However, break of 0.7081 support will revive near term bearishness and bring retest of 0.6991/2 key support zone.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7217; (P) 0.7245; (R1) 0.7276; More…

Intraday bias in AUD/USD remains mildly on the upside with 0.7205 minor support intact. Sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, below 0.7205 minor support will mix up the near term outlook and turn intraday bias neutral first.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7211; (P) 0.7237; (R1) 0.7256; More…

AUD/USD is losing upside momentum but further rise is in favor as long as 0.7205 minor support holds. Sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, below 0.7205 minor support will mix up the near term outlook and turn intraday bias neutral first.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7216; (P) 0.7231; (R1) 0.7255; More…

AUD/USD’s rise from 0.6992 continues today and edges higher to 0.7263. Intraday bias stays on the upside. Sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, below 0.7205 minor support will mix up the near term outlook and turn intraday bias neutral first.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7216; (P) 0.7231; (R1) 0.7255; More…

As long as 0.7081 support holds, rebound form 0.6992 is expected to continue higher. Sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, break of 0.7081 support will turn focus back to 0.6991/2 support instead.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7150; (P) 0.7185; (R1) 0.7249; More…

AUD/USD’s break of 0.7223 suggests resumption of rebound from 0.6992. Intraday bias is back on the upside. Sustained trading above 55 day EMA (now at 0.7236) will argue that fall from 0.8006 has completed at 0.6992, after defending 0.6991 support. Further rally would be seen to 0.7555 resistance for confirmation. On the downside, break of 0.7081 support will turn focus back to 0.6991/2 support instead.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7150; (P) 0.7185; (R1) 0.7249; More…

AUD/USD is still staying in range below 0.7223 temporary top and intraday bias remains neutral. On the upside, above 0.7223 and sustained trading above 55 day EMA (now at 0.7236) will be the first sign of major bottoming and bring stronger rise to 0.7555 resistance. On the downside, however, break of 0.7081 minor support will bring retest of 0.6991 key support first. Sustained break there will carry larger bearish implication, and resume larger down trend from 0.8006.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7116; (P) 0.7136; (R1) 0.7173; More…

Intraday bias in AUD/USD remains neutral at this point. On the downside, break of 0.7089 minor support will bring retest of 0.6991 key support first. Sustained break there will carry larger bearish implication, and resume larger down trend from 0.8006. On the upside, above 0.7223 and sustained trading above 55 day EMA (now at 0.7236) will be the first sign of major bottoming and bring stronger rise to 0.7555 resistance.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7084; (P) 0.7109; (R1) 0.7134; More…

Intraday bias in AUD/USD remains neutral for the moment. Sustained break there will carry larger bearish implication, and resume larger down trend from 0.8006. On the upside, above 0.7223 and sustained trading above 55 day EMA (now at 0.7239) will be the first sign of major bottoming and bring stronger rise to 0.7555 resistance.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7104; (P) 0.7145; (R1) 0.7166; More…

Intraday bias in AUD/USD remains neutral first. On the downside, break of 0.7089 will bring another test on 0.6991 key support. Sustained break there will carry larger bearish implication, and resume larger down trend from 0.8006. On the upside, above 0.7223 will resume the rebound from 0.6992 to 55 day EMA (now at 0.7243).

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

AUD/USD edged higher to 0.7223 last week but quickly retreated. Initial bias is neutral this week first. On the downside, break of 0.7089 will bring another test on 0.6991 key support. Sustained break there will carry larger bearish implication. On the upside, above 0.7223 will resume the rebound from 0.6992 to 55 day EMA (now at 0.7248).

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

In the longer term picture, focus remains on 0.8135 structural resistance. Decisive break there will argue that rise from 0.5506 is developing into a long term up trend that reverses whole down trend from 1.1079 (2011 high). However, rejection by 0.8135 will keep long term outlook neutral at best.

Daily Pivots: (S1) 0.7145; (P) 0.7185; (R1) 0.7223; More…

Further is in favor in AUD/USD with 0.7089 minor support intact, to 55 day EMA (now at 0.7250). Sustained trading above there will raise the chance that whole correction from 0.8006 has completed, after defending 0.6991 key structural support. Further rally would then be seen back to 0.7555 resistance. On the downside, below 0.7089 minor support will turn bias back to the downside for 0.6991 key support again.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7119; (P) 0.7148; (R1) 0.7203; More…

AUD/USD’s rebound from 0.6992 resumes by breaking through 0.7185. Intraday bias is back on the upside for 55 day EMA (now at 0.7255). Sustained trading above there will raise the chance that whole correction from 0.8006 has completed, after defending 0.6991 key structural support. Further rally would then be seen back to 0.7555 resistance. On the downside, below 0.7089 minor support will turn bias back to the downside for 0.6991 key support again.

In the bigger picture, strong rebound from 0.6991 key structural support will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress. Firm break of 0.7555 resistance will target 0.8006 high and above. However, sustained break of 0.6991 will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.7119; (P) 0.7148; (R1) 0.7203; More…

Intraday bias in AUD/USD remains neutral at this point. On the upside, break of 0.7185 will resume the rebound from 0.6992, and turn bias back to the upside for 55 day EMA (now at 0.7255). Sustained trading above there will raise the chance that correction form 0.8006 has completed. On the downside, below 0.7089 minor support will turn bias back to the downside for 0.6991 key support again.

In the bigger picture, sustained break of 0.6991 structural support will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461). For now, medium term outlook will stay bearish as long as 0.7555 resistance holds, in case of rebound.

Daily Pivots: (S1) 0.7085; (P) 0.7111; (R1) 0.7131; More…

Intraday bias in AUD/USD is mildly on the downside at this point. Rebound from 0.6992 could have completed at 0.7185. Deeper fall would be seen back to retest 0.6992 low. Sustained break of 0.6991 key medium term structural support will carry larger bearish implication and resume the fall from 0.8006. On the upside, though, above 0.7185 will resume the rebound from 0.6992 to 4 hour 555 EMA (now at 0.7259).

In the bigger picture, sustained break of 0.6991 structural support will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461). For now, medium term outlook will stay bearish as long as 0.7555 resistance holds, in case of rebound.

Daily Pivots: (S1) 0.7105; (P) 0.7141; (R1) 0.7170; More…

AUD/USD’s break of 0.7116 minor support suggests that rebound from 0.6992 has completed at 0.7185. Intraday bias is back on the downside for retesting 0.6992 low. Sustained break of 0.6991 key medium term structural support will carry larger bearish implication and resume the fall from 0.8006. On the upside, though, above 0.7185 will resume the rebound from 0.6992 to EMA (now at 0.7259).

In the bigger picture, sustained break of 0.6991 structural support will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461). For now, medium term outlook will stay bearish as long as 0.7555 resistance holds, in case of rebound.