AUDUSD Forecast
The AUDUSD attempted to push lower yesterday but still unable to make a clear break below 1.0581/40 support area and traded higher around 1.0627 at the time I wrote this comment. The bias is neutral in nearest term. On daily chart below we can see that after the fall from 1.1010 historical high, price made a lower high at 1.0887 where a trend line resistance can be drawn. As long as price stays below 1.0887 and the trend line resistance, this pair is still in a bearish correction outlook, but need a clear break below 1.0581/40 to continue the bearish phase testing 1.0440 even lower. Immediate resistance remains around 1.0704 (yesterday’s high). A clear break above that area could trigger further bullish pressure testing 1.0750 – 1.0779 resistance area, even testing the trend line resistance. The major bullish scenario remains intact but my bullish mode will be reactivated at least by a movement above the trend line resistance and 1.0887, aiming for another new historical high. 