AUD/USD’s fall from 0.6666 prolonged final week and ensure brief time period topping. Preliminary bias stays on the draw back for 0.6476 assist first. Break there’ll argue that decline from 0.6870 is able to resume by 0.6442 low. On the upside, break of 0.6629 minor resistance will flip bias again to the upside to increase the rebound from 0.6442 as an alternative.
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. General, 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 not sure 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.
