AUD/USD Daily Analysis
AUD/USD is holding above 0.6521 resistance turned support even as the retreat from 0.6796 extends. Intraday bias remains neutral and further rally is in favor. On the upside, the break of 0.6796 will resume the rise from 0.6169 to 0.6871 Fibonacci level. However, a sustained break of 0.6521 will argue that the whole rebound from 0.6169 is over, and bring a deeper fall to retest this low.
In the bigger picture, a medium-term bottom is in place at 0.6160 already. But it’s too early to call for trend reversal. Nevertheless, even as a corrective move, a rise from 0.6169 should target a 38.2% retracement of 0.8006 to 0.6169 at 0.6871. Sustained trading above 55-week EMA (now at 0.6923) will raise the chance of the start of a bullish uptrend. This week now remains the favored case as long as 0.6521 resistance turned support holds.
