AUDUSD Outlook |
Written by ActionForex.com |
Nov 07 16 03:20 GMT
Daily Pivots: (S1) 0.7651; (P) 0.7673; (R1) 0.7696; More…
Intraday bias in AUD/USD remains unchanged as triangle consolidation continues. Break of 0.7754 cannot be ruled out but we’d expect strong resistance from 0.7833 to limit upside and finally bring reversal. Choppy rise from 0.7144 is seen as a corrective pattern. Break of 0.7505 will be an early sign of reversal. Further break of 0.7441 support shall confirm.
In the bigger picture, AUD/USD is staying inside long term falling channel and it’s likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case and target 61.8% projection of 0.9504 to 0.6826 from 0.7833 at 0.6178 next. We’ll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will now be a strong sign of medium term reversal.
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AUD/USD Daily Outlook
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