AUD / USD Daily Report | Forex action

Daily pivots: (S1) 0.6079; (P) 0.6146; (R1) 0.6210; More…

The intraday AUD / USD bias is currently neutral and the outlook is unchanged. We are still expecting strong resistance from the 61.8% retracement from 0.6684 to 0.5506 to 0.6234 to limit the increase to complement the corrective increase of 0.5506. On the downside, a break in the minor support of 0.5870 will bring the bias down to retest the lowest of 0.5506 first. However, a sustained break out of 0.6234 will immediately ease the bearish case and bring the concentration down to 0.6684.

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Overall, the AUD / USD decline of 0.8135 (2018 high) is still underway. This is part of the downward trend from 1.1079 (2011 high). The 61.8% projection from 1.1079 to 0.6826 from 0.8135 to 0.5507 has already been reached. A sustained breakout will open the way to 0.4773 (2001 low). On the upside, a breakout of the resistance-oriented 0.66670 support is necessary to indicate a medium-term dip. Otherwise, the outlook will remain bearish even in the event of a strong rebound.


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