AUD/USD Daily Outlook
Daily Pivots: (S1) 0.7508; (P) 0.7545; (R1) 0.7566;
AUD/USD dips lower to 0.7524 as recent fall resumes. Intraday bias is back on the downside with focus on 0.7500 key support level. Decisive break there will indicate medium term reversal and target next support at 0.7328. On the upside, above 0.7583 minor resistance will suggest short term bottoming. In that case, stronger rebound would be seen back to 0.7642 support turned resistance.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move. Decisive break of 0.7500 key support will suggest that such correction is completed. In that case, deeper decline would be seen back to retest 0.6826 low. In case of another rise, we’d expect strong resistance from 38.2% retracement of 1.1079 to 0.6826 at 0.8451 to limit upside to bring long term down trend resumption eventually.
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.2805; (P) 1.2839; (R1) 1.2875;
USD/CAD is staying in consolidation below 1.2899 temporary low and intraday bias remains neutral. Deeper retreat could be seen but downside should be by 1.2748 minor support to bring another rise. Above 1.2899 will target 1.3124 resistance next. On the downside, however, firm break of 1.2748 will turn focus back to 1.2526 support instead.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
