AUD/USD’s rebound from 0.6361 prolonged increased final week and additional rally is predicted so long as 0.6482 help holds. Sustained break of 55 D EMA (now at 0.6527) will argue that fall from 0.6870 has accomplished, and convey additional rally to 0.6643 resistance subsequent. On the draw back, although, break of 0.6482 minor help will flip bias again to the draw back for retesting 0.6361 as a substitute.
Within the greater 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 remains to be in progress. General, 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 uncertain 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, robust help ought to emerge above 0.5506 to deliver reversal.
