AUD/USD Daily Analysis
AUD/USD’s rise from 0.6169 is in progress and intraday bias stays on the upside. The next target is a 161.8% projection of 0.6169 to 0.6521 from 0.6271 at 0.6841. On the downside, below 0.6662 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, the break of 0.6680 support turned resistance confirms medium-term bottoming at 0.6169. It’s too early to call for trend reversal. But 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 0.6934) 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.
