AUD/USD Daily Outlook
Daily Pivots: (S1) 0.9840; (P) 0.9922; (R1) 0.9967; More...AUD/USD drops further to as low as 0.9876 so far today and intraday bias remains on the downside. AUD/USD is currently pressing the lower trend line support (now at 0.9880) and we'd be cautious on rebound from here. Though, as long as 1.0003 minor resistance holds, deeper decline is expected. Sustained break of the trend line will pave the way to retest 0.9588 support. On the upside, above 1.0003 will bring recovery but risk will stay on the downside as long as 1.0220 resistance holds.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. There is no clear sign of breakout yet. But in case of another fall, downside should be contained above 0.9588. Meanwhile, break of 1.0581 will be an early sign of up trend resumption and should bring retest of 1.1079 high next.
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