AUD/USD retreated after surging to 0.6588 final week. However late breach of this resistance signifies that current rally is resuming. Preliminary bias is again on the upside this week. Present rise from 0.6269 ought to goal falling channel resistance (now at 0.6670) subsequent. For now, outlook will stay bullish so long as 0.6520 assist holds, in case of retreat.
Within the greater image, there isn’t any affirmation that down development from 0.8006 (2021 excessive) has accomplished. Whereas present rebound from 0.6269 may lengthen greater, it may very well be the third leg of the corrective sample from 0.6169 (2022 low) solely. For now, medium time period bearishness will stay so long as 0.6894 resistance holds.
In the long run image, the down development from 1.1079 (2011 excessive) ought to have accomplished at 0.5506(2020 low) already. It’s not sure but whether or not value actions from 0.5506 are growing right into a corrective sample, or development reversal. However in both case, fall from 0.8006 is seen the second leg of the sample. Therefore, in case of deeper decline, draw back sturdy assist ought to emerge above 0.5506 to deliver reversal.
