AUD/USD edged decrease to 0.6642 final week however recovered since then. Preliminary bias stays impartial this week first. Extra consolidation can be seen and stronger restoration can’t be dominated out. However outlook will stay bearish so long as 0.6621 resistance holds. Break of 0.6642 will resume the decline from 0.6870 in the direction of 0.6269 low.
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 may 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 not sure but whether or not worth actions from 0.5506 are growing 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, sturdy help ought to emerge above 0.5506 to convey reversal.
