AUD/USD Daily Outlook

AUD/USD’s rally is still in progress and reaches as high as 1.0843 so far today. Intraday bias remains on the upside for further rise. As noted before, prior break of 1.0752 serves as the first signal that consolidation pattern from 1.1079 is finished at 0.9663 and the larger up trend might be resuming. Current rally should target a test on 1.1079 high next. ON the downside, below 1.0701 minor support will turn bias neutral first.

In the bigger picture, the up trend from 0.6008 (2008 low) is still intact. Price actions from 1.1079 are treated as consolidation in the up trend only. In any case, with 0.9387 support intact, an eventual upside break out is anticipated, for a new high above 1.1079. However, break of 0.9387 would possibly bring deeper pull back towards 0.8066 key support before the long term up trend finally resumes.

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