AUD/USD’s decline from 0.6894 continued final week and outlook is unchanged. Decisive break of 0.6457 assist will affirm resumption of entire fall from 0.7156. Subsequent goal is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. Nonetheless, agency break of 0.6615 minor resistance will dampen this view, and switch bias again to the upside for stronger rebound.
Within the greater image, the down development from 0.8006 (2021 excessive) might nonetheless be in progress. Break of 0.6457 will affirm this bearish case. Additional break of 0.6169 will goal 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This may now stay the favored case so long as 0.6894, in case of robust rebound.
In the long run image, whereas fall from 0.8006 may prolong decrease, the construction argues that it’s merely a correction to rise from 0.5506 (2020 low). In case of draw back extension, robust assist ought to emerge above 0.5506 to carry reversal. However nonetheless, momentum of the following transfer can be monitored to regulate the evaluation.
