AUD/USD Mid-Day Outlook

AUD/USD rebounds strongly in early US session but after all, it's still staying below 0.9264 resistance. Intraday bias remains neutral for the moment and more consolidations cannot be ruled out. But downside will likely be contained by 38.2% retracement of 0.8734 to 0.9264 at 0.9062. On the upside above 0.9264 will indicate that rise from 0.8734 has resumed and should target 0.9321 resistance first and then 0.9404 high.

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 0.9321 resistance will confirm this case and target a test of 0.9404 first. Break will then target 08 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.