AUD/USD’s late breach of 0.6362 help signifies down pattern resumption. Preliminary bias is now on the draw back this week. Subsequent goal is 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155. On the upside, break of 0.6539 resistance is required to point quick time period bottoming. In any other case, outlook will keep bearish in case of restoration.
Within the greater image, down pattern kind 0.8006 (2021 excessive) is predicted to proceed so long as 0.6680 help turned resistance holds. Subsequent goal is 0.5506 low. Medium time period momentum will now be intently monitored to gauge the prospect of break of 0.5506.
In the long run image, present medium time period draw back momentum raises the prospect of resumption of long run down pattern from 1.1079 (2011 excessive). It’s nonetheless a bit early to guage the prospect. However break of 0.5506 will goal 0.4773 (2001 low).
