AUD/USD edged decrease to 0.7029 final week, rebounded from there to 0.7265, then reversed decrease. Preliminary bias stays impartial this week first. Outlook is unchanged that fall from 0.7660 is the third leg of the corrective sample from 0.8006. On the draw back, beneath 0.7029 will goal 0.6966 low first. Agency break there’ll verify this bearish case and goal 0.6756 medium time period fibonacci degree subsequent.
Within the greater image, value actions from 0.8006 are seen as a corrective sample to rise from 0.5506 (2020 low). Fall from 0.7660 needs to be the third leg of this sample. Break of 0.6966 will goal 50% retracement of 0.5506 to 0.8006 at 0.6756. On the upside, break of 0.7660 will revive that case that the correction has already accomplished at 0.6966.
In the long term image, focus stays on 0.8135 structural resistance. Decisive break there’ll argue that rise from 0.5506 is growing right into a long run up development that reverses complete down development from 1.1079 (2011 excessive). Nonetheless, rejection by 0.8135 will maintain long run outlook impartial at greatest.