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) 0.7894; (P) 0.7930; (R1) 0.7960; More…

Intraday bias in AUD/USD remains neutral for consolidation below 0.7988 temporary top. Near term outlook remains bullish as long as 0.7785 support holds and another rise is expected. Break of 0.7988 will target 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335 next. However, break of 0.7785 will argue that deeper pull back in under way and could target 55 day EMA (now at 0.7649).

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

Daily Pivots: (S1) 0.7235; (P) 0.7251; (R1) 0.7269; More…

Intraday bias in AUD/USD remains neutral for the moment. On the upside, sustained break of 0.7314 resistance will indicate medium term reversal. Further rally should be seen to 38.2% retracement of 0.8135 to 0.7020 at 0.7446 next. Nevertheless, failure to sustain above 0.7314, and break of 0.7164 support will retain bearishness and turn bias back to the downside for retesting 0.7020 low.

In the bigger picture, AUD/USD’s decline from 0.8135 could have completed at 0.7020 already, ahead of 0.6826 key support (2016 low). Break of 0.7314 will confirm and bring strong rebound. But for now, we’d expect strong resistance from 0.7500 support turned resistance to limit upside. Medium term fall from 0.8135 should extend to take on 0.6826 low at a later stage.

Daily Pivots: (S1) 0.6662; (P) 0.6705; (R1) 0.6732; More…

AUD/USD’s break of 0.6680 support should now confirm down trend resumption. Intraday bias is back on the downside this week. Next target is 0.6461 long term fibonacci level. On the upside, above 0.6746 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will now remain bearish as long as 0.6915 resistance holds, in case of recovery.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7135 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

AUD/USD rose to as high as 0.7355 last week but lost momentum since then. Initial bias is neutral this week first. The stronger than expected rebound mixed up the outlook a bit, considering that AUD/USD defended key support level at 0.7144. Nonetheless, deeper fall is in favor a long as 38.2% retracement of 0.7777 to 0.7518 at 0.7394 holds, which is close to the falling 55 day EMA. Firm break of 0.7144 will confirm our bearish view that corrective pattern from 0.6826 has completed and larger down trend is resuming for another low. Though, sustained trading above 0.7394 will turn focus back to 0.7777/7833 resistance zone.

In the bigger picture, AUD/USD is staying inside long term falling channel and it’s likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case and target 61.8% projection of 0.9504 to 0.6826 from 0.7777 at 0.6122 next. We’ll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will be a strong sign of medium term reversal.

In the longer term picture, while the down trend from 1.1079 might extend lower, we’re not anticipating a break of 0.6008 (2008 low) yet. We’ll look for bottoming above there to reverse the medium term trend.

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Daily Pivots: (S1) 0.7359; (P) 0.7390; (R1) 0.7416; More…

Intraday bias in AUD/USD remains neutral as the consolidation from 0.7382 continues. Upside of recovery should be limited below 0.7555 resistance to bring another fall. Below 0.7382 will target 0.7144/7158 support zone. However, there is no clear sign of larger down trend resumption yet. Hence we’ll be cautious on strong support from 0.7144/58 to contain downside and bring rebound. On the upside, firm break of 0.7555 will argue that fall from 0.7748 is completed and turn bias back to the upside.

In the bigger picture, we’re still treating price actions from 0.6826 low as a correction pattern. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8115) and above.

Daily Pivots: (S1) 0.6710; (P) 0.6744; (R1) 0.6765; More…

Further rally is in favor in AUD/USD as long as 0.6689 support holds. Rise from 0.6269 would target 0.6894 resistance first. Sustained break there will target 0.7156 next. Nevertheless, break of 0.6689 will indicate short term topping, and turn bias back to the downside for deeper pull back

In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. Price actions from 0.6169 (2022 low) could be just a medium term corrective pattern. Rise from 0.6269 is seen as the third leg of the pattern. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.

Daily Pivots: (S1) 0.6858; (P) 0.6885; (R1) 0.6898; More…

Intraday bias in AUD/USD remains neutral at this point. Outlook is unchanged that rebound from 0.6670 could have completed with three waves up to 0.7031. Break of 0.6849 will turn bias to the downside for 0.6754 support. Decisive break there will confirm this bearish case. On the upside, however, break of 0.6933 will turn focus back to 0.7031 resistance instead.

In the bigger picture, with 0.7082 resistance intact, there is no clear confirmation of trend reversal yet. That is, down trend from 0.8135 (2018 high) is still expect to continue to 0.6008 (2008 low). However, decisive break of 0.7082 will confirm medium term bottoming and bring stronger rally back to 55 month EMA (now at 0.7484).

Daily Pivots: (S1) 0.6887; (P) 0.6928; (R1) 0.6958; More…

Intraday bias in AUD/USD remains mildly on the downside for 0.6868 support. Firm break there argue that whole rebound from 0.6680 is finished, and bring retest of 0.6680 low. On the upside, above 0.7030 minor resistance will turn intraday bias neutral first.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.6866; (P) 0.6897; (R1) 0.6925; More…

AUD/USD is still bounded in range of 0.6828/7282 and intraday bias remains neutral. On the downside, firm break of 0.6828 support will resume larger fall from 0.8006. Next target is 0.6756/60 cluster support. However, firm break of 0.7282 will be a sign of bullish reversal and bring stronger rebound to 0.7666 resistance.

In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Deeper fall could still be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. Meanwhile, firm break of 0.7660 resistance will confirm that such corrective pattern has completed, and larger up trend is ready to resume.

Daily Pivots: (S1) 0.6602; (P) 0.6619; (R1) 0.6647; More...

Intraday bias in AUD/USD remains neutral for the moment. Further rally is in favor with 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579 intact. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to 0.6870 resistance next. However, firm break of 0.6578 will dampen this bullish view, and bring deeper fall to 61.8% retracement at 0.6495.

In the bigger picture, price actions from 0.6169 (2022 low) are seen as a medium term corrective pattern to the down trend from 0.8006 (2021 high). Fall from 0.7156 (2023 high) is seen as the second leg, which could have completed at 0.6269 already. Rise from there is seen as the third leg which is now trying to resume through 0.6870 resistance.

Daily Pivots: (S1) 0.7334; (P) 0.7357; (R1) 0.7398; More…

AUD/USD is staying in consolidation from 0.7288 and intraday bias remains neutral at this point. Further fall is expected as long as 0.7443 support turned resistance holds. On the downside, break of 0.7288 will resume the whole decline from 0.8006 to 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120 next. On the upside, break of 0.7443 will indicate short term bottoming, and bring stronger rebound to 0.7530 support turned resistance instead.

In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We’d look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 0.6631; (P) 0.6656; (R1) 0.6678; More…

Intraday bias in AUD/USD remains neutral for the moment. Overall, risk will stay on the downside as long as 0.6792 resistance holds. On the downside, sustained break of 0.6563 support will resume the decline from 0.7156 to 61.8% projection of 0.7156 to 0.6563 from 0.6792 at 0.6426.

In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.

Daily Pivots: (S1) 0.6657; (P) 0.6691; (R1) 0.6734; More…

Intraday bias in AUD/USD remains neutral at this point. On the upside, another rise through 0.6729 should confirm short term bottoming at 0.6563, just ahead of 0.6546 fibonacci level. Intraday bias will be back on the upside for 55 day EMA (now at 0.6780). Sustained break there will pave the way back to retest 0.7156 high. On the downside, however, sustained break of 0.6546 will carry larger bearish implication and target 0.6169 low.

In the bigger picture, rise from 0.6169 (2022 low) has completed at 0.7156, after rejection by 55 month EMA (now at 0.7158). Deeper decline would then be see back to 61.8% retracement of 0.6169 to 0.7156 at 0.6546, even as a corrective fall. Sustained break there will raise the chance of long term down trend resumption through 0.6169 low.

Daily Pivots: (S1) 0.6429; (P) 0.6452; (R1) 0.6475; More…

Range trading continues in AUD/USD and intraday bias remains neutral. Outlook stays bearish with 0.6520 resistance intact. On the downside, break of 0.6356 will resume larger down trend to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195.

In the bigger picture, down trend from 0.8006 (2021 high) is possibly still in progress. Decisive break of 0.6169 will target 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This will now remain the favored case as long as 0.6894, in case of strong rebound.

AUD/USD dipped to 0.7370 last week but quickly recovered. Initial bias is neutral this week first. As long as 0.7516 resistance holds, deeper fall is expected. Below 0.7328 will resume the decline from 0.7748 to 0.7144/7158 support zone. On the upside, break of 0.7516 resistance will indicate near term reversal and turn bias back to the upside.

In the bigger picture, we’re still treating price actions from 0.6826 low as a corrective pattern. And, as long as 38.2% retracement of 0.9504 to 0.6826 at 0.7849 holds, long term down trend from 1.1079 is expected to resume sooner or later. Break of 0.6826 low will target 0.6008 key support level. However, firm break of 0.7849 will indicate that rise from 0.6826 is developing into a medium term rebound, rather than a sideway pattern. In such case, stronger rise should be seen to 55 month EMA (now at 0.8091) and above.

In the longer term picture, while the down trend from 1.1079 might extend lower, we’re not anticipating a break of 0.6008 (2008 low) yet. We’ll look for bottoming above there to reverse the medium term trend.

AUD/USD’s decline from 0.8124 resumed last week by taking out 0.7732 already. A temporary low is formed at 0.7624 after hitting 0.7628 fibonacci level. Initial bias is neutral this week for consolidations first. But upside of recovery should be limited well below 0.7896 resistance to bring fall resumption. Firm break of 0.7624 will target next key cluster level at 0.7322/8.

In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8067). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7896 near term 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) 0.6897; (P) 0.6980; (R1) 0.7025; More…

AUD/USD dropped notably after hitting 0.7062 and intraday bias is turned neutral first. Some consolidations could be seen but further rally is in favor as long as 0.6721 support holds. Above 0.7062 will resume rise from 0.6169 to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 next. However, firm break of 0.6721 will indicate short term topping, and turn bias back to the downside.

In the bigger picture, corrective decline from 0.8006 (2021 high) should have completed with three waves down to 0.6169 (2022 low). Further rally should be seen to 61.8% retracement of 0.8006 to 0.6169 at 0.7304. Sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.

Daily Pivots: (S1) 0.7168; (P) 0.7178; (R1) 0.7188; More…

AUD/USD formed a temporary low at 0.7151 and recovered. Intraday bias is turned neutral first. But upside of recovery should be limited by 0.7246 resistance to bring fall resumption. Below 0.7151 will extend the fall from 0.7393 to retest 0.7020 low. Nevertheless, break of 0.7246 resistance will delay the bearish case and turn bias back to the upside. Rebound from 0.7020 could then probably head to 38.2% retracement of 0.8135 to 0.7020 at 0.7446 before completion.

In the bigger picture, a medium term bottom is in place at 0.7020 ahead of 0.6826 key support (2016 low). Stronger rebound could still be seen to correct the whole fall from 0.8135 high. But we’d expect strong resistance from 0.7500 support turned resistance to limit upside. Medium term fall from 0.8135 should resume later and extend to take on 0.6826 low at a later stage, after the correction from 0.7020 completes.

Daily Pivots: (S1) 0.7350; (P) 0.7374; (R1) 0.7405; More…

Intraday bias in AUD/USD remains neutral and some consolidations could be seen. But outlook stays bearish as long as 0.7443 support turned resistance holds. On the downside, break of 0.7288 will resume larger fall from 0.8006, and target 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120. However, break of 0.7443 will bring stronger rebound to 0.7530 support turned resistance.

In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We’d look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term has indeed reversed.