AUD/USD rebounded strongly after preliminary fall to 0.6630 final week. However upside is capped under 0.6510 resistance. Preliminary bias stays impartial this week and additional fall is in favor. On the draw back, break of 0.6330 will resume the entire decline from 0.7156 to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. Nevertheless, agency break of 0.6510 will affirm brief time period bottoming, and switch bias again to the upside.
Within the greater image, down development from 0.8006 (2021 excessive) is probably nonetheless in progress. Decisive break of 0.6169 will goal 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. It will now stay the favored case so long as 0.6894, in case of robust rebound.
In the long run image, whereas fall from 0.8006 may prolong decrease, the construction argues that it’s merely a correction to rise from 0.5506 (2020 low). In case of draw back extension, robust assist ought to emerge above 0.5506 to convey reversal. However nonetheless, momentum of the following transfer might be monitored to regulate the evaluation.
