AUD/USD stayed in sideway buying and selling above 0.6594 final week and outlook is unchanged. Preliminary bias stays impartial this week first. With 0.6710 resistance intact, additional decline is in favor. On the draw back, break of 0.6594 will resume the decline from 0.6898 to 0.6457 help subsequent. However, agency break of 0.6719 will flip bias again to the upside for stronger rebound.
Within the greater image, value actions from 0.7156 are seen as a correction to the rebound from 0.6169 solely, fairly than a part of bigger down pattern from 0.8006 (2021 excessive). Break of 0.6457 may can’t be dominated out however draw back needs to be contained above 0.6169. In the meantime, however, break of 0.6898 resistance will argue that rise from 0.6169 is able to resume by 0.7156.
In the long run image, fall from 0.8006 is seen as a corrective transfer to up rise from 0.5506 (2020 low). This correction may have accomplished at 0.6169. Sustained buying and selling above 55 M EMA (now at 0.7088) will affirm this case, and point out that rise from 0.5506 is able to resume. Nevertheless, agency break of 0.6169 will revive long run bearishness and switch focus again to 0.5506 low.