Weak GDP Data Lets Us Down

After weak GDP Q4 data released today, AUD/USD’s sharp decline has indicated that recovery from 0.7054 has completed at 0.7206 already. Intraday bias is cautiously back on the downside for 0.7054 support first. Decisive break there will complete a head and shoulder term pattern (ls: 0.7235, h: 0.7295, rs: 0.7206). That should confirm completion of rebound from 0.6722. Further decline should be seen to 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. On the upside, though, break of 0.7206 will turn focus back to 0.7295 resistance instead.

The target is 0.6750.
Turning point: 0.7050.
Under 0.7050, bearish , target price is set at 0.6940, then 0.6750.
Above 0.7050, bullish , target price is 0.7200,then 0.7300.

If you like the strategy, please click "AGREE" and follow me. Your trust is my biggest motivation.

Prior Strategy: