AUD/USD edged decrease to 0.6269 final week however rapidly recovered. Preliminary bias stays impartial this week first. Outlook will keep bearish so long as 0.6398 resistance holds. Break of 0.6269 will resume bigger fall from 0.7156 to 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195, which is near 0.6169 medium time period help.
Within the larger image, down pattern 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 would possibly 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 help ought to emerge above 0.5506 to convey reversal. However nonetheless, momentum of the following transfer will probably be monitored to regulate the evaluation.
