AUD/USD Daily Analysis
Range trading continues in AUD/USD, and intraday bias stays neutral first. On the downside, the break of 0.6641 should confirm rejection by 0.6871 resistance. Intraday bias will be back on the downside for 0.6521 resistance turned support. However, a sustained break of 0.6871 will extend the rise from 0.6169 to a 55-week EMA at 0.6912.
In the bigger picture, it’s still unsure if price actions from the 0.6169 medium-term bottom are developing into a corrective pattern or trend rejection. Rejection by 38.2% retracement of 0.8006 to 0.6169 at 0.6871 will maintain medium-term bearishness for another fall through 0.6169 at a later stage. However, a firm break of 0.6871 and sustained trading above the 55-week EMA (now at 0.6912) will raise the chance of the start of a bullish uptrend.
