AUD/USD Daily Outlook

Daily Pivots: (S1) 0.6333; (P) 0.6436; (R1) 0.6502; More

AUD/USD weakens further to 0.6332 today but recovers mildly after hitting 0.6332 support. Intraday outlook remains neutral for the moment. As discussed before, break of 0.6332 will confirm that rebound from 0.6075 has completed at 0.6619. In such case, intraday bias will flip back to the downside for 0.6075 and then 0.6008. On the upside, though, above 0.6619 minor resistance will suggests that rebounded from 0.6075 is still in progress and another rise to above 0.7014 could be seen before completing consolidation from 0.6008.

In the bigger picture, whole fall from 0.9849 has possibly completed the five wave sequence already, with the fifth wave ended at 0.6008. However, note that the impulsive nature of the fall from 0.9849 to 0.6008 indicate that price actions from 0.6008 is developing into correction/consolidation only. The long term down trend is still expected to resume after completing the consolidation. Sustained break of 0.6008 will indicate that the down trend from 0.9849 has resumed for at least another five wave medium term decline, targeting 0.4773 (01 low). But, note that as long long as 0.6008 low holds, consolidation from could still extend further. Above 0.7014 will target 38.2% retracement of 0.9849 to 0.6008 at 0.7475 before completing the consolidation.