Daily Pivots: (S1) 0.7140; (P) 0.7163; (R1) 0.7191; More…

AUD/USD is staying in range of 0.7054/7206 and intraday bias remains neutral first. On the downside, decisive break of 0.7054 will complete a head and shoulder reversal pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should then be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7090; (P) 0.7121; (R1) 0.7158; More…

Intraday bias in AUD/USD remains neutral at this point. On the downside, decisive break of 0.7054 will complete a head and shoulder reversal pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should then be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

AUD/USD recovered to 0.7206 last week but upside was held well below 0.7295 resistance. Nevertheless, as fall from 0.7206 was contained above 0.7054 support, initial bias is neutral this week first. On the downside, decisive break of 0.7054 will complete a head and shoulder reversal pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

In the longer term picture, prior rejection by 55 month EMA maintained long term bearishness in AUD/USD. That is, down trend from 1.1079 (2011 high) is still in progress. Sustained break of 0.6826 will target 0.6008 low and then 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507.

Daily Pivots: (S1) 0.7037; (P) 0.7122; (R1) 0.7174; More…

Intraday bias in AUD/USD remains cautiously on the downside for 0.7054 support first. Decisive break there will complete a head and shoulder term pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7142; (P) 0.7162; (R1) 0.7184; More…

AUD/USD’s sharp decline today suggests that recovery from 0.7054 has completed at 0.7206 already. Intraday bias is cautiously back on the downside for 0.7054 support first. Decisive break there will complete a head and shoulder term pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7120; (P) 0.7148; (R1) 0.7192; More…

AUD/USD’s corrective rise from 0.7054 resumed by breaking 0.7160. Intraday bias is turned back to the upside for further rise. But upside upside should be limited below 0.7295 resistance. We’re favoring the case that rebound from 0.6722 has completed at 0.7295 already. On the downside break of 0.7054 support will affirm this case and target 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7116; (P) 0.7138; (R1) 0.7153; More…

AUD/USD’s corrective recovery extended to 0.7160 but dropped sharply since then. For now, it’s still staying above 0.7054 temporary low and intraday bias remains neutral first. More consolidation could be seen. In case of another rise, upside should be limited below 0.7295 resistance. We’re favoring the case that rebound from 0.6722 has completed at 0.7295 already. On the downside break of 0.7054 support will affirm this case and target 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7096; (P) 0.7122; (R1) 0.7166; More…

AUD/USD’s corrective recovery from 0.7054 is still in progress and further rise might be seen. But upside should be limited below 0.7295 resistance to bring another decline. We’re favoring the case that rebound from 0.6722 has completed at 0.7295 already. On the downside break of 0.7054 support will affirm this case and target 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

AUD/USD recovered further last week as correction from 0.7054 extends. Further rise might be seen initially this week. But upside should bel limited below 0.7295resistance to bring another decline. We’re favoring the case that rebound from 0.6722 has completed at 0.7295 already. On the downside break of 0.7054 support will affirm this case and target 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

In the longer term picture, prior rejection by 55 month EMA maintained long term bearishness in AUD/USD. That is, down trend from 1.1079 (2011 high) is still in progress. Sustained break of 0.6826 will target 0.6008 low and then 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507.

Daily Pivots: (S1) 0.7075; (P) 0.7104; (R1) 0.7135; More…

AUD/USD dropped notably after failing to sustain above 4 hour 55 EMA. But downside is held above 0.7054 temporary low. Intraday bias remains neutral first. Some more consolidations could be seen but upside should be limited well below 0.7295 resistance to bring another decline. We’re holding on to the view that rebound from 0.6722 has completed at 0.7295 already. On the downside, break of 0.7054 will turn bias to the downside for 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7071; (P) 0.7103; (R1) 0.7122; More…

Intraday bias in AUD/USD remains neutral at this point. Consolidation from 0.7054 is still in progress. Stronger rise could be seen but upside should be limited well below 0.7295 resistance to bring another decline. We’re holding on to the view that rebound from 0.6722 has completed at 0.7295 already. On the downside, break of 0.7054 will turn bias to the downside for 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7065; (P) 0.7084; (R1) 0.7115; More…

AUD/USD’s strong recovery and break of 0.7107 minor resistance suggests temporary bottoming at 0.7054. Intraday bias is turned neutral for consolidations. Stronger rise might be seen, but upside should be limited by 0.7295 resistance to bring another fall. We’re holding on to the view that rebound from 0.6722 has completed at 0.7295 already. On the downside, break of 0.7054 will turn bias to the downside for 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7043; (P) 0.7076; (R1) 0.7094; More…

AUD/USD’s breach of 0.7060 temporary low suggests fall resumption. Intraday bias is turned back to the downside. Rebound from 0.6722 should have completed at 0.7295 already. Further fall should be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, break of 0.7107 will bring recovery. But upside should be limited below 0.7295 resistance to bring another fall.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7064; (P) 0.7086; (R1) 0.7110; More…

Intraday bias in AUD/USD remains neutral for consolidation above 0.7060 temporary low. More consolidation could be see, but risk will remain on the downside as long as 0.7295 resistance holds. For now, we’re favoring the case that rebound from 0.6722 has completed at 0.7295 already. On the downside, firm break of 0.7076 cluster support (38.2% retracement of 0.6722 to 0.7295 at 0.7076) should confirm this bearish case and target 61.8% retracement at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

AUD/USD dropped sharply to as low as 0.7060 last week but formed a temporary low there and recovered. Initial bias is neutral this week first for some consolidation. For now, we’re favoring the case that rebound from 0.6722 has completed at 0.7295 already. Hence, risk will stay on the downside as long as 0.7295 resistance holds, in case of recovery. On the downside, firm break of 0.7076 cluster support (38.2% retracement of 0.6722 to 0.7295 at 0.7076) should confirm this bearish case and target 61.8% retracement at 0.6941 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

In the longer term picture, prior rejection by 55 month EMA maintained long term bearishness in AUD/USD. That is, down trend from 1.1079 (2011 high) is still in progress. Sustained break of 0.6826 will target 0.6008 low and then 61.8% projection of 1.1079 to 0.6826 from 0.8135 at 0.5507.

Daily Pivots: (S1) 0.7088; (P) 0.7103; (R1) 0.7118; More…

AUD/USD’s fall from 0.7295 is still in progress and intraday bias stays on the downside. Break of 0.7076 cluster support (38.2% retracement of 0.6722 to 0.7295 at 0.7076) affirms the case that rebound from 0.6722 has completed at 0.7295. Further decline should be seen to 61.8% retracement at 0.6941 next. On the upside, above 0.7139 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 0.7295 resistance holds.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7059; (P) 0.7152; (R1) 0.7201; More…

Intraday bias in AUD/USD remains on the downside for 0.7076 cluster support (38.2% retracement of 0.6722 to 0.7295 at 0.7076). Decisive break there will confirm completion of rebound from 0.6722 at 0.7295. In that case, further decline would be seen to 61.8% retracement at 0.6941 next. On the upside, above 0.7139 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 0.7295 resistance holds.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7198; (P) 0.7232; (R1) 0.7269; More…

AUD/USD’s sharp fall and break of 0.7180 minor support today suggests that rebound from 0.6722 has completed at 0.7295 already. Intraday bias is turned to the downside for 0.7076 cluster support (38.2% retracement of 0.6722 to 0.7295 at 0.7076). Decisive break there should confirm this bearish case and target 61.8% retracement at 0.6941 next. On the upside, break of 0.7295 will extend the rebound. but we’d expect strong resistance from 0.7393 key resistance to limit upside to complete the rebound.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7205; (P) 0.7230; (R1) 0.7249; More…

AUD/USD rebounds strongly today but stays below 0.7295 temporary top. Intraday bias remains neutral first and outlook is unchanged. Another rise could be seen with 0.7180 minor support intact. On the upside, above 0.7295 will target 0.7393 cluster resistance (61.8% projection of 0.6722 to 0.7235 from 0.7076 at 0.7393). We’d expect strong resistance from there to limit upside to complete the rebound from 0.6722. On the downside, break of 0.7180 minor support will turn bias back to the downside for 0.7076 support. However, sustained break of 0.7393 will indicate bullish reversal and target 100% projection at 0.7589 next.

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.

Daily Pivots: (S1) 0.7227; (P) 0.7256; (R1) 0.7276; More…

Intraday bias in AUD/USD remains neutral at this point. Another rise could be seen with 0.7180 minor support intact. On the upside, above 0.7295 will target 0.7393 cluster resistance (61.8% projection of 0.6722 to 0.7235 from 0.7076 at 0.7393). We’d expect strong resistance from there to limit upside to complete the rebound from 0.6722. On the downside, break of 0.7180 minor support will turn bias back to the downside for 0.7076 support. However, sustained break of 0.7393 will indicate bullish reversal and target 100% projection at 0.7589 next).

In the bigger picture, as long as 0.7393 resistance holds, we’d treat fall from 0.8135 as resuming long term down trend from 1.1079 (2011 high). Decisive break of 0.6826 (2016 low) will confirm this bearish view and resume the down trend to 0.6008 (2008 low). However, firm break of 0.7393 will argue that fall from 0.8135 has completed. And corrective pattern from 0.6826 has started the third leg, targeting 0.8135 again.