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AUD/USD Daily Outlook: February 13, 2012

ByActionForex
Published 02/13/2012, 02:44 AM
Updated 03/09/2019, 08:30 AM
AUD/USD
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AUD/USD Daily Outlook

Daily Pivots: (S1) 1.0612; (P) 1.0700; (R1) 1.0762;

AUD/USD is still staying inside near term rising channel (support at 1.0625) and thus, recent rise form 0.9860 is still in progress. Above 1.0844 will resume such rally and target a test on 1.1079. However, sustained break of the channel support will argue that a short term top is at least formed with bearish divergence condition in 4 hours MACD. In such case, deeper decline would be seen back to 1.0377 resistance turned support. Break there will indicate completion of whole rise from 0.9663 and will turn outlook bearish for another leg inside the consolidation pattern from 1.1079.

In the bigger picture, the up trend from 0.6008 (2008 low) is still intact. Price actions from 1.1079 are treated as consolidation in the up trend only. In any case, with 0.9387 support intact, an eventual upside break out is anticipated, for a new high above 1.1079. However, break of 0.9387 would possibly bring deeper pull back towards 0.8066 key support before the long term up trend finally resumes.

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