AUD/USD Daily Forecast

Daily Pivots: (S1) 0.8964; (P) 0.9014; (R1) 0.9049;

Intraday bias in AUD/USD remains neutral with an intraday top in place at 0.9084. On the upside, note that another strong rally and break of 0.9084 will confirm that whole rise from 0.8577 is still in progress for a retest on 0.9327/9404 resistance zone. On the downside, below 0.8934 minor support will flip intraday bias to the downside. Further break of 0.8802 will revive the case that rebound from 0.8577 is completed after hitting 61.8% retracement of 0.9327 to 0.8577 at 0.9041 and should bring fall to 0.8577 and below.

In the bigger picture, AUD/USD's resilience dampens our view that the pair has topped out in medium term at 0.9404 already and mixes up the outlook. In any case, break of 0.9327 resistance will indicate that price actions from 0.9404 are merely consolidation in the larger rally and has completed after hitting 23.6% retracement of 0.6008 to 0.9404. In such case, another high above 0.9404 should be seen before AUD/USD tops. On the downside, note that break of 0.8577 will reaffirm the case that whole rise from 0.6008 has completed and will bring deeper correction towards 0.7702/0.8262 support zone, with 50% retracement of 0.6008 to 0.9404 at 0.7706.

Based on ActionForex.com Technical Outlook

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