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AUD/USD Daily Report – Action Forex

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Daily Pivots: (S1) 0.7151; (P) 0.7177; (R1) 0.7205; More…

AUD/USD is losing some upside momentum, but further rise is expected with 0.7034 support intact. Firm break of 0.7265 resistance will raise the chance of larger trend reversal and target 0.7760 structural resistance next. On the downside, however, break of 0.7034 minor support will turn bias back to the downside for retesting 0.6828 low instead.

In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Deeper fall could be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. Meanwhile, firm break of 0.7660 resistance will confirm that such corrective pattern has completed, and larger up trend is ready to resume.

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