AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7347; (P) 0.7389; (R1) 0.7461; More…

AUD/USD dipped notably today but stays in range of 0.7309/7483. Intraday bias remains neutral at this point and outlook is unchanged. Price actions from 0.7309 are seen as a consolidation pattern. Above 0.7483 will bring stronger rebound. But in that case, upside should below 0.7676 resistance to bring larger fall resumption. On the downside, break of 1.7309 and sustained trading below 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.