Daily Pivots: (S1) 0.8949; (P) 0.9047; (R1) 0.9098;

AUD/USD's fall from 0.9327 might still continue as long as 0.9145 minor resistance holds but we're expecting strong support from 61.8% retracement of 0.8734 to 0.9327 at 0.8961 to conclude the correction and bring rebound. Above 0.9145 will flip intraday bias back to the upside for 0.9327 and break will target a retest on 0.9404 high. However, note that sustained trading below 0.8961 fibo support will indicate that whole rise from 0.8734 might have completed already and deeper fall could then be seen to retest this support level instead.

In the bigger picture, the corrective three wave structure of fall from 0.9404 to 0.8734 suggests that whole medium term rise from 0.6008 is still in progress. Break of 0.9404 will confirm medium term rise resumption and should target 2008 high of 0.9849. On the downside, though, break of 0.8734 support will revive the case that whole medium term rise from 0.6008 has completed and will turn outlook bearish for deeper correction towards 0.7702/0.8626 support zone.

AUD/USD