AUD/USD Mid-Day Outlook

[Forex-Outlook]

AUD/USD drops further to as low as 0.8394 today and met mentioned target of 100% projection of 0.9324 to 0.8715 from 0.9077 at 0.8486. At this point, intraday bias remains on the downside and further decline should be seen to next key level of 0.8262 medium term resistance turned support. On the upside, 0.8591 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited by 0.8715/9077 resistance zone and bring fall resumption.

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