AUD/USD Daily Outlook

Daily Pivots: (S1) 0.9980; (P) 1.0027; (R1) 1.0073; More
AUD/USD's sideway trading from 0.9960 continues but fails to break through 4 hours 55 EMA. Intraday bias remains neutral for the moment. As noted before, there is no indication of up trend resumption before a break of 1.0199 resistance. We'd expect more consolidative trading ahead as long as 1.0199 holds and risk of another fall remains. Below 0.9960 will bring another decline towards 0.9803/31 support zone.
In the bigger picture, note that bearish divergence condition remains in daily and weekly MACD. Reversal should be imminent even if 1.0254 is not yet the major top. We'll continue to look for topping signal in case of another rise. On the downside break of 0.9803 support will now be an early signal of medium term reversal and will turn focus to 0.9536 support for confirmation.