AUD/USD edged lower to 0.7309 last week but quickly rebounded. As short term bottom was in place on bullish convergence condition in 4 hour MACD. Initial bias remains on the upside this week for rebound to 55 day EMA (now at 0.7510). But upside should be limited below 0.7676 resistance to bring fall resumption. Sustained break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

In the longer term picture, 0.6826 is seen as a long term bottom. Rise from there could either reverse the down trend from 1.1079, or just develop into a corrective pattern. At this point, we’re favoring the latter. And, as long as 38.2% retracement of 1.1079 to 0.6826 at 0.8451 holds, we’d anticipate another decline through 0.6826 at a later stage. But strong support should be seen between 0.4773 (2001 low) and 0.6008 (2008 low).

Daily Pivots: (S1) 0.7362; (P) 0.7385; (R1) 0.7410; More…

Outlook in AUD/USD remains unchanged. The corrective rise from 0.7309 is still in progress and could extend to 55 day EMA (now at 0.7513) or above. But upside should be limited below 0.7676 resistance to bring fall resumption. Sustained break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7362; (P) 0.7393; (R1) 0.7413; More…

AUD/USD’s corrective rise from 0.7309 is in progress. Intraday bias is mildly on the upside for 55 day EMA (now at 0.7517) or above. But upside should be limited below 0.7676 resistance to bring fall resumption. Sustained break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7333; (P) 0.7369; (R1) 0.7423; More…

AUD/USD’s rebound and break of 0.7408 minor resistance suggests short term bottoming at 0.7309. That came after defending 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326), on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for recovery to 55 day EMA (now at 0.7523). But upside should be limited below 0.7676 resistance to bring fall resumption. Sustained break of 0.7328 will extend the fall from 0.8135 to 0.7158 support next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7297; (P) 0.7353; (R1) 0.7397; More…

AUD/USD’s fall resumed after brief consolidation and edged lower to 0.7309. Intraday bias is back on the downside. Sustained break of f 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. On the upside, however, break of 0.7408 resistance will indicate short term bottoming and bring stronger rebound back towards 0.7676 resistance.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7358; (P) 0.7384; (R1) 0.7433; More…

AUD/USD faced some resistance from 4 hour 55 EMA and retreats. But it’s staying in range of 0.7322/7443 and intraday bias remains neutral. As noted before, as long as 0.7443 resistance holds, further decline is expected. Sustained break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. Though, break of 0.7443 resistance will suggest short term bottoming and bring stronger rebound back towards 0.7676 resistance.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

AUD/USD edged lower to 0.7322 last week but failed to sustain below 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Initial bias is neutral this week for consolidations first. As long as 0.7443 resistance holds, further decline is expected. Break of 0.7322 will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. Though, break of 0.7443 resistance will suggest short term bottoming and bring stronger rebound back towards 0.7676 resistance.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

In the longer term picture, 0.6826 is seen as a long term bottom. Rise from there could either reverse the down trend from 1.1079, or just develop into a corrective pattern. At this point, we’re favoring the latter. And, as long as 38.2% retracement of 1.1079 to 0.6826 at 0.8451 holds, we’d anticipate another decline through 0.6826 at a later stage. But strong support should be seen between 0.4773 (2001 low) and 0.6008 (2008 low).

Daily Pivots: (S1) 0.7335; (P) 0.7348; (R1) 0.7368; More…

AUD/USD formed a temporary low at 0.7322 and recovered. But it’s staying below 0.7443 resistance. Intraday bias remains neutral first. Deeper fall is expected as long as 0.7443 resistance holds. Sustained break of 0.7326/8cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend larger fall from 0.8315 to 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. Though, break of 0.7443 resistance will suggest short term bottoming and bring lengthier consolidations.

In the bigger picture, medium term rebound from 0.6826 (2016 low) is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. Firm break there will resume the long term down trend from 1.1079 and take 0.6008 support next (2008 low). This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7309; (P) 0.7358; (R1) 0.7390; More…

AUD/USD dipped to 0.7322 but quickly drew support from 7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Intraday bias remains neutral first. Deeper fall is expected as long as 0.7443 resistance holds. Sustained break of 0.7326/8 will extend larger fall from 0.8315 to 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next Though, break of 0.7443 resistance will suggest short term bottoming and bring lengthier consolidations.

In the bigger picture, medium term rebound from 0.6826 (2016 low) is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. Firm break there will resume the long term down trend from 1.1079 and take 0.6008 support next (2008 low). This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7374; (P) 0.7398; (R1) 0.7417; More…

AUD/USD’s rebound from 0.7345 stalled at 0.7443 and was rejected below 4 hour 55 EMA. Intraday bias is turned neutral with focus back on 0.7345 and 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Decisive break of this support zone will extend the larger fall from 0.8315 to 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. On the upside, above 0.7443 will bring another recovery. But upside should be limited below 0.7676 resistance to bring fall resumption.

In the bigger picture, medium term rebound from 0.6826 (2016 low) is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. Firm break there will resume the long term down trend from 1.1079 and take 0.6008 support next (2008 low). This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7391; (P) 0.7418; (R1) 0.7439; More…

Intraday bias in AUD/USD stays mildly on the upside at this point. Recovery from 0.7345 could extend higher. But upside should be limited below 0.7676 resistance to bring fall resumption. On the downside break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 0.7393; (P) 0.7419; (R1) 0.7466; More…

Intraday bias in AUD/USD is mildly on the upside as recovery from 0.7345 might extend higher. But upside should be limited below 0.7676 resistance to bring fall resumption. On the downside break of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

AUD/USD dropped further to 0.7345 last week but formed a temporary low ahead of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Intraday bias is mildly on the upside this week for rebound. But upside should be limited below 0.7676 resistance to bring fall resumption. ON the downside break of 0.7328 cluster support will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

In the longer term picture, 0.6826 is seen as a long term bottom. Rise from there could either reverse the down trend from 1.1079, or just develop into a corrective pattern. At this point, we’re favoring the latter. And, as long as 38.2% retracement of 1.1079 to 0.6826 at 0.8451 holds, we’d anticipate another decline through 0.6826 at a later stage. But strong support should be seen between 0.4773 (2001 low) and 0.6008 (2008 low).

Daily Pivots: (S1) 0.7351; (P) 0.7372; (R1) 0.7400; More…

Intraday bias in AUD/USD is turned neutral again s with the current recovery. On the upside, break of 0.7408 minor resistance will indicate short term bottoming. In this case, stronger recovery could be seen to 4 hour 55 EMA (now at 0.7456) and above. But upside should be limited well below 0.7676 resistance to bring fall resumption. On the downside, break of 0.7346 will extend recent fall from 0.8135 to 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Firm break of 0.7382 will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

Daily Pivots: (S1) 0.7354; (P) 0.7381; (R1) 0.7397; More…

Breach of 1.7346 temporary low suggests fall resumption after brief consolidation. Intraday bias is back on the downside for 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Firm break of 0.7382 will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. Nonetheless, above 0.7408 minor resistance will turn bias neutral again to bring more consolidations first.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

Daily Pivots: (S1) 0.7344; (P) 0.7386; (R1) 0.7424; More…

A temporary low is in place at 1.7346 with the current recovery, ahead of 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). Intraday bias is turned neutral first. Some consolidations could be seen. But upside of recovery should be limited well below 0.7676 resistance to bring another fall. Firm break of 0.7382 will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

Daily Pivots: (S1) 0.7404; (P) 0.7431; (R1) 0.7449; More…

AUD/USD drops to as low as 0.7379 so far today. Solid break of 0.7411 support confirms resumption of larger decline from 0.8135. Intraday bias stays on the downside for 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) next. Break there will target 61.8% projection of 0.8135 to 0.7411 from 0.7676 at 0.7229 next. On the upside, above 0.7453 minor resistance will turn bias neutral and bring consolidations first.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

Daily Pivots: (S1) 0.7426; (P) 0.7456; (R1) 0.7474; More…

Intraday bias in AUD/USD remains on the downside for 0.7411 support. Break will resume larger fall from 0.8135 for 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). On the upside, break of 0.7528 minor resistance is needed to indicate completion of the fall from 0.7676. Otherwise, outlook will remain cautiously bearish in case of recovery.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

AUD/USD’s decline last week confirmed that corrective rise from 0.7411 has completed at 0.7676 already. And, larger fall from 0.8135 is resuming. Initial bias stays on the downside this week for 0.7411 low first. Break will confirm this bearish case and target 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). On the upside, break of 0.7528 minor resistance is needed to indicate completion of the fall from 0.7676. Otherwise, outlook will remain cautiously bearish in case of recovery.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.

In the longer term picture, 0.6826 is seen as a long term bottom. Rise from there could either reverse the down trend from 1.1079, or just develop into a corrective pattern. At this point, we’re favoring the latter. And, as long as 38.2% retracement of 1.1079 to 0.6826 at 0.8451 holds, we’d anticipate another decline through 0.6826 at a later stage. But strong support should be seen between 0.4773 (2001 low) and 0.6008 (2008 low).

Daily Pivots: (S1) 0.7440; (P) 0.7512; (R1) 0.7549; More…

AUD/USD drops sharply to as low as 0.7452 so far and intraday bias remains on the downside. Corrective rise from 0.7411 should have completed at 0.7676 and larger decline from 0.8135 is resuming. Break of 0.7411 will confirm and target 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326). On the upside, above 0.7528 minor resistance will delay the bearish case and bring more consolidations first.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Prior break of 0.7500 key support suggests that such correction is completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.