AUD/USD’s fall from 0.7555 continued last week and outlook is unchanged. Rebound from 0.7105 is complete with three waves up to 0.7555, and fall from 0.8006 is probably ready to resume. Initial bias is now on the downside this week for 0.7169 support first. Break will target 0.7105 and below. On the upside, break of 0.7369 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay mildly bearish in case of recovery.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

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). In that case, further rally would be seen to 61.8% retracement of 1.1079 to 0.5506 at 0.8950 and possibly above. Rejection by 0.8135 will keep long term outlook neutral at best.

Daily Pivots: (S1) 0.7253; (P) 0.7273; (R1) 0.7296; More…

AUD/USD lost downside momentum after hitting near term channel support, and intraday bias is turned neutral first. But further decline is expected as long as 0.7369 resistance holds. We’d holding on to the view that rebound from 0.7105 could be complete with three waves up to 0.7555. ON the downside, break of 0.7248 will target 0.7169 support first, and then 0.7105. On the upside, however, break of 0.7369 resistance will turn bias back to the upside for retesting 0.7555 instead.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7248; (P) 0.7277; (R1) 0.7294; More…

Intraday bias in AUD/USD remains on the downside at this point. As noted before, rebound Rebound from 0.7105 could be complete with three waves up to 0.7555, and fall from 0.8006 is still in progress. Deeper fall should be seen to 0.7169 support, and then 0.7105. On the upside, however, break of 0.7369 minor resistance will turn bias back to the upside for retesting 0.7555 instead.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7273; (P) 0.7320; (R1) 0.7349; More…

AUD/USD’s fall from 0.7555 resumed by breaking 0.7275 temporary low. Intraday bias is back on the downside. As noted before, rebound Rebound from 0.7105 could be complete with three waves up to 0.7555, and fall from 0.8006 is still in progress. Deeper fall should be seen to 0.7169 support, and then 0.7105. On the upside, however, break of 0.7369 minor resistance will turn bias back to the upside for retesting 0.7555.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7323; (P) 0.7347; (R1) 0.7371; More…

Intraday bias in AUD/USD stays neutral as consolidation from 0.7275 temporary low is extending. But further decline is in favor as long as 0.7431 minor resistance holds. Rebound from 0.7105 could be complete with three waves up to 0.7555, and fall from 0.8006 is still in progress. On the downside, below 0.7275 will target 0.7169 support first, and then 0.7105. However, break of 0.7431 resistance will turn bias back to the upside for retesting 0.7555.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7294; (P) 0.7314; (R1) 0.7352; More…

Intraday bias in AUD/USD remains neutral for the consolidation above 0.7275 temporary low. But further decline is in favor as long as 0.7431 minor resistance holds. Rebound from 0.7105 could be complete with three waves up to 0.7555, and fall from 0.8006 is still in progress. On the downside, below 0.7275 will target 0.7169 support first, and then 0.7105. However, break of 0.7431 resistance will turn bias back to the upside for retesting 0.7555.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

AUD/USD’s fall from 0.7555 extended to as low as 0.7275 last week. The development suggests that rebound from 0.7105 is complete with three waves up to 0.7555, and fall from 0.8006 has still in progress. But as a temporary low was formed at 0.7275, initial bias is neutral this week first. On the downside, below 0.7275 will target 0.7169 support first, and then 0.7105. However, break of 0.7431 resistance will turn bias back to the upside for retesting 0.7555.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

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). In that case, further rally would be seen to 61.8% retracement of 1.1079 to 0.5506 at 0.8950 and possibly above. Rejection by 0.8135 will keep long term outlook neutral at best.

Daily Pivots: (S1) 0.7271; (P) 0.7306; (R1) 0.7325; More…

Intraday bias in AUD/USD remains on the downside as fall from 0.7555 is in progress. As noted before, corrective rise from 0.7105 should have completed with three waves up to 0.7555. Deeper fall would be seen to 0.7169 support first, and then 0.7105 low. We’d look for bottoming signal again at around 0.6991 key support. On the upside, break of 0.7431 resistance is needed to indicate completion of the fall. Otherwise, further decline will remain in favor.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7302; (P) 0.7348; (R1) 0.7371; More…

AUD/USD’s fall from 0.7555 extends to as low as 0.7294 so far today. Current development argues that corrective rise from 0.7105 has completed with three waves up to 0.7555. Intraday bias stays on the downside for 0.7169 support first, and then 0.7105 low. We’d look for bottoming signal again at around 0.6991 key support. On the upside, though, break of 0.7431 resistance is needed to indicate completion of the fall. Otherwise, further decline will remain in favor.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7349; (P) 0.7391; (R1) 0.7420; More…

Intraday bias in AUD/USD is back on the downside as fall from 0.7555 resumes. Sustained trading below 55 day EMA (now at 0.7393) will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, above 0.7431 minor resistance will turn bias back to the upside for 0.7555 resistance again.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7395; (P) 0.7413; (R1) 0.7442; More…

Intraday bias in AUD/USD is turned neutral with current recovery. On the downside, sustained trading below 55 day EMA (now at 0.7396) will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, above 0.7470 minor resistance will turn bias back to the upside for 0.7555 resistance again.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7371; (P) 0.7392; (R1) 0.7423; More…

Outlook in AUD/USD remains unchanged. On the downside, sustained trading below 55 day EMA (now at 0.7394) will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, above 0.7470 minor resistance will turn bias back to the upside for 0.7555 resistance again.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

AUD/USD’s fall from 0.7555 extended lower last week and initial bias stays on the downside this week first. Sustained trading below 55 day EMA (now at 0.7394) will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, above 0.7470 minor resistance will turn bias back to the upside for 0.7555 resistance again.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

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). In that case, further rally would be seen to 61.8% retracement of 1.1079 to 0.5506 at 0.8950 and possibly above. Rejection by 0.8135 will keep long term outlook neutral at best.

Daily Pivots: (S1) 0.7422; (P) 0.7440; (R1) 0.7468; More…

Intraday bias in AUD/USD remains mildly on the downside as fall from 0.7555 is in progress. Sustained trading below 55 day EMA (now at 0.7394) will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, above 0.7470 minor resistance will turn bias back to the upside for 0.7555 resistance again.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7422; (P) 0.7440; (R1) 0.7468; More…

Intraday bias in AUD/USD is mildly on the downside for 55 day EMA (now at 0.7394). Sustained break there will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, break of 0.7555 will turn bias back to the upside and resume the rebound instead.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7389; (P) 0.7460; (R1) 0.7500; More…

Break of 0.7452 support suggests that short term topping at 0.7555. Intraday bias in AUD/USD is turned back to the downside for 55 day EMA (now at 0.7393). Sustained break there will argue that rebound from 0.7105 is complete with three waves up to 0.7555. That would also argue that fall from 0.8006 is ready to resume through 0.7105 low. On the upside, break of 0.7555 will turn bias back to the upside and resume the rebound instead.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7493; (P) 0.7514; (R1) 0.7543; More…

Intraday bias in AUD/USD is neutral for now as consolidation from 0.7555 is extending. But further rally is still expected as long as 0.7452 support holds. On the upside, break of 0.7555 will resume the rise from 0.7105 to 161.8% projection of 0.7105 to 0.7477 from 0.7169 at 0.7771. On the downside, however, break of 0.7452 minor support will turn bias to the downside for 55 day EMA (now at 0.7394) and possibly below.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.7496; (P) 0.7526; (R1) 0.7550; More…

No change in AUD/USD’s outlook. While upside momentum is a bit unconvincing, further rise is expected this week as long as 0.7452 support holds. Next target is 161.8% projection of 0.7105 to 0.7477 from 0.7169 at 0.7771. On the downside, however, break of 0.7452 minor support will turn bias to the downside for 55 day EMA (now at 0.7390) and possibly below.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

AUD/USD edged higher last week as rebound from 0.7105 extended. While upside momentum is a bit unconvincing, further rise is expected this week as long as 0.7452 support holds. Next target is 161.8% projection of 0.7105 to 0.7477 from 0.7169 at 0.7771. On the downside, however, break of 0.7452 minor support will turn bias to the downside for 55 day EMA (now at 0.7386) and possibly below.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.

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). In that case, further rally would be seen to 61.8% retracement of 1.1079 to 0.5506 at 0.8950 and possibly above. Rejection by 0.8135 will keep long term outlook neutral at best.

Daily Pivots: (S1) 0.7498; (P) 0.7527; (R1) 0.7574; More…

AUD/USD’s rally is resuming with breach of 0.7545 temporary top. Intraday bias is back on the upside. Rise from 0.7105 would target 161.8% projection of 0.7105 to 0.7477 from 0.7169 at 0.7771 next. On the downside, however, break of 0.7452 minor support will turn bias to the downside for 55 day EMA (now at 0.7381) and possibly below.

In the bigger picture, with 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051) intact, we’re seeing price action from 0.8006 as a correction only. That is, up trend from 0.5506 low would resume after the correction completes. In that case, main focus will be 0.8135 key resistance (2018 high). Sustained break there will carry larger bullish implications. However, sustained break of 0.6991 will argue that the whole medium term trend has indeed reversed.