AUD/USD Daily Analysis
Range trading continues in AUD/USD, and intraday bias stays neutral. On the downside, a sustained break of 38.2% retracement of 0.6169 to 0.6892 at 0.6616 will indicate rejection by 0.66871 Fibonacci level. A deeper fall should then be seen as a 61.8% retracement at 0.6445. On the upside, the break of 0.6892 will resume the rally from 0.6169.
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 reversal. 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 0.6896) will raise the chance of the start of a bullish up trend.