AUD/USD’s break of 0.6457 assist final week confirmed resumption of complete fall from 0.7156. Preliminary bias stays on the draw back this week for 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. On the upside, above 0.6479 minor resistance will flip intraday bias impartial and convey consolidations first, earlier than staging one other fall.
Within the larger image, present improvement argues that the down pattern from 0.8006 (2021 excessive) continues to be in progress. Decisive break of 0.6169 will goal 61.8% projection of 0.8006 to 0.6169 to 0.7156 at 0.6021. This can 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 deliver reversal. However nonetheless, momentum of the subsequent transfer might be monitored to regulate the evaluation.
