AUD/USD rebounded notably final week however upside was capped at 0.6618 and retreated. Preliminary bias is turned impartial this week first. On the upside, above 0.6618 will convey additional rally to 0.6666 resistance. Break there’ll resume complete rebound from 0.6442. nonetheless, break of 0.6480 assist will convey retest of 0.6442 low as an alternative.
Within the greater image, value 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 could 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 value 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, robust assist ought to emerge above 0.5506 to convey reversal.
