AUD/USD’s down development resumed by breaking by way of 0.6680 low decisively, and hit as little as 0.6510. Preliminary bias is on the draw back this week. Subsequent goal is 0.6461 long run fibonacci degree. Break there’ll goal 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155. On the upside, above 0.6669 minor resistance will flip intraday bias impartial and produce consolidations, earlier than staging one other decline.
Within the larger image, down development kind 0.8006 (2021 excessive) is anticipated to proceed so long as 0.7135 resistance holds. Subsequent goal is 61.8% retracement of 0.5506 (2020 low) to 0.8006 at 0.6461. Sustained break there’ll pave the best way again to retest 0.5506.
In the long run image, rejection by 0.8135 resistance means that the long run down development from 1.1079 (2011 excessive) shouldn’t be able to reverse. But, the construction of the autumn from 0.8006 nonetheless shouldn’t be clearly impulsive. Therefore, break of 0.5506 low shouldn’t be envisaged for now. The long run outlook stays impartial first, and can be reassessed later after the autumn from 0.8006 completes.
