AUD/USD’s down development continued final week and fell to 0.6362, then recovered. Preliminary bias stays impartial this week first. In case of one other restoration, upside must be restricted nicely beneath 0.6698 help turned resistance. Break of 0.6362 will resume bigger down development to 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155.
Within the larger image, down development kind 0.8006 (2021 excessive) is anticipated to proceed so long as 0.7135 resistance holds. With 61.8% retracement of 0.5506 (2020 low) to 0.8006 at 0.6461 firmly taken out, subsequent goal is 0.5506 low. Medium time period momentum will now be carefully monitored to gauge the possibility of break of 0.5506.
In the long run image, present medium time period draw back momentum raises the possibility of resumption of long run down development from 1.1079 (2011 excessive). It’s nonetheless a it early to guage the possibility. However break of 0.5506 will goal 0.4773 (2001 low).
