AUD/USD’s down pattern continued to 0.6169 final week however recovered. Preliminary bias stays impartial this week first, and outlook stays bearish so long as 0.6539 resistance holds. Agency break of 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155 will goal 138.2% projection at 0.5781.
Within the larger image, down pattern kind 0.8006 (2021 excessive) is predicted to proceed so long as 0.6680 help turned resistance holds. Subsequent goal is 0.5506 low. Medium time period momentum will now be carefully monitored to gauge the prospect of break of 0.5506.
In the long run image, present medium time period draw back momentum raises the prospect of resumption of long run down pattern from 1.1079 (2011 excessive). It’s nonetheless a bit early to evaluate the prospect. However break of 0.5506 will goal 0.4773 (2001 low).
