AUD/USD edged decrease to 0.6468 final week however turned sideway since then. Preliminary bias stays impartial this week for extra consolidations. Whereas stronger restoration can’t be dominated out, outlook will keep bearish so long as 0.6621 resistance holds. Break of 0.6468 will resume the decline from 0.6870 to 61.8% projection of 0.6870 to 0.6524 from 0.6621 at 0.6407.
Within the larger image, worth actions from 0.6169 (2022 low) are seen as a medium time period corrective sample to the down pattern from 0.8006 (2021 excessive). Fall from 0.7156 (2023 excessive) is seen because the second leg, which could nonetheless be in progress. Total, sideway buying and selling might proceed in vary of 0.6169/7156 for some extra time. However so long as 0.7156 holds, an eventual draw back breakout can be mildly in favor.
In the long run image, the down pattern from 1.1079 (2011 excessive) ought to have accomplished at 0.5506 (2020 low) already. It’s uncertain but whether or not worth actions from 0.5506 are creating right into a corrective sample, or pattern reversal. However in both case, fall from 0.8006 is seen the second leg of the sample. Therefore, in case of deeper decline, robust assist ought to emerge above 0.5506 to deliver reversal.
