AUD/USD’s sturdy rebound final week means that rise from 0.6457 remains to be in progress. However as a brief prime was shaped at 0.6894, preliminary bias is impartial this week first. Decisive break of 0.6898 resistance will firstly verify resumption of rise from 0.6457. Secondly, that must also verify completion of the autumn from 0.7156 at 0.6457. Subsequent goal can be 100% projection of 0.6457 to 0.6898 from 0.6594 at 0.7035, after which 0.7156 resistance.
Within the larger image, worth actions from 0.7156 are seen as a correction to the rebound from 0.6169 (2022 low). Break of 0.6898 resistance will argue that rise from 0.6169 is able to resume by 0.7156. Subsequent goal can be 100% projection of 0.6169 to 0.7156 from 0.6457 at 0.7444. For now, this would be the favored case so long as 55 D EMA (now at 0.6703) holds.
In the long run image, fall from 0.8006 is seen as a corrective transfer to up rise from 0.5506 (2020 low). This correction might have accomplished at 0.6169. Sustained buying and selling above 55 M EMA (now at 0.7088) will affirm this case, and point out that rise from 0.5506 is able to resume. Nevertheless, agency break of 0.6169 will revive long run bearishness and switch focus again to 0.5506 low.
