AUD/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9096; (P) 0.9142; (R1) 0.9168; More…

AUD/USD’s rally resumes after brief consolidation and intraday bias is back on the upside. The corrective rise should continue through 0.9317 resistance. We’d be cautious on strong resistance around 38.2% retracement of 1.0581 to 0.8847 at 0.9509. On the downside, below 0.9115 minor support will turn bias back to the downside for 0.8847/91 support zone instead.

In the bigger picture, current development indicates price actions from 1.1079 are developing into a deep medium term correction and should target 50% retracement of 0.6008 to 1.1079 at 0.8544. Though, we’d expect strong support above 0.8066 to complete the correction and bring sustainable rebound. Sustained break of 0.9588 is needed to be the first sign that such correction is finished.

AUD/USD 4 Hours Chart

AUD/USD Daily Chart

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