AUDUSD – bullish bias above daily cloud

AUDUSD regained traction on Friday and recovered a good part of Thursday’s pullback, offsetting initial signals of reversal pattern formation on daily chart.

Short-lived dip was contained by the top of descending daily Ichimoku cloud, with subsequent bounce returning above 100DMA (0.6487) and probing back above cracked Fibo barrier at 0.6508 (38.2% of 0.6948/0.6270) where several attacks failed to register a clear break higher.

Weekly close above 0.6508 is needed to signal continuation of recovery leg from 0.6270 (2023 low) and unmask targets at 0.6582/93 (50% retracement / 200DMA).

Prevailing bullish tone on daily chart supports the scenario, though risk of extended sideways action expected on repeated failure to clear 0.6508 pivot, but positive stance to remain above daily cloud.

Res: 0.6508; 0.6542; 0.6582; 0.6616
Sup: 0.6489; 0.6457; 0.6440; 0.6417