AUD/USD Daily Analysis
AUD/USD is losing some upside momentum again, but there is no clear sign of topping. The current rally would still target a 61.8% projection of 0.6271 to 0.6796 from 0.6641 at 0.6965. Firm break there will target 100% projection at 0.7166 next. On the downside, however, the break of 0.6728 support will confirm short-term topping and turn bias to the downside for 0.6641 support and below.
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.
