AUD/USD’s fall from 0.6894 prolonged decrease final week regardless of interim restoration. Preliminary bias is on the draw back this week for deeper fall. However draw back must be contained above 0.6594 assist to carry rebound. On the upside, above 0.6845 will carry retest of 0.6898 resistance. Decisive break there’ll resume rise from 0.6457.
Within the larger image, value actions from 0.7156 are seen as a correction to the rebound from 0.6169 (2022 low). Break of 0.6898 resistance will argue that rise from 0.6169 is able to resume by way of 0.7156. Subsequent goal can be 100% projection of 0.6169 to 0.7156 from 0.6457 at 0.7444. For now, this would be the favored case so long as 55 D EMA (now at 0.6715) holds.
In the long run image, fall from 0.8006 is seen as a corrective transfer to up rise from 0.5506 (2020 low). This correction may have accomplished at 0.6169. Sustained buying and selling above 55 M EMA (now at 0.7085) will affirm this case, and point out that rise from 0.5506 is able to resume. Nevertheless, agency break of 0.6169 will revive long run bearishness and switch focus again to 0.5506 low.
