AUD/USD’s steep decline final week means that consolidation from 0.6442 has accomplished at 0.6643 already. Preliminary bias stays on the draw back this week. Agency break of 1.6442 will verify resumption of the autumn from 0.6870 and goal 61.8% projection of 0.6870 to 0.6442 from 0.6643 at 0.6378. On the upside, above 0.6498 resistance will flip intraday bias and convey consolidations. However threat will keep mildly on the draw back so long as 0.6643 resistance holds, in case of restoration.
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 continues to be 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 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, sturdy help ought to emerge above 0.5506 to deliver reversal.
