AUD/USD Daily Forex Analysis
Our Daily Forex Analysis for AUD/USD shows an intraday bias shift to neutral due to the current recovery. Should the pair dip below 0.6718, the decline from 0.6898, seen as the third phase of the correction pattern from 0.6902, would resume. However, the downside is likely to be checked by the 0.6598 support, potentially sparking a rebound. Conversely, a rise above 0.6849 would set the stage for retesting the 0.6902 resistance. A decisive breach there would resume the uptrend from 0.6461.
In the broader context of our Daily Analysis, price fluctuations from 0.7160 are perceived as an adjustment to the rebound from the 2022 low of 0.6173. A breach of the 0.6902 resistance would suggest the rally from 0.6173 is set to continue beyond 0.7160. The next objective will be the 100% projection of 0.6173 to 0.7160 from 0.6461, standing at 0.7448. For the time being, this is the favored scenario as long as the 55-day EMA (now at 0.6719) remains unbroken.
AUD/USD Daily Analysis Summary
The AUD/USD Intraday Analysis shows a neutral bias due to the recent recovery. A break below 0.6718 may resume the decline, but the downside should be limited by the 0.6598 support. A decisive break above 0.6902 could restart the uptrend from 0.6461.
AUD/USD Analysis Key Points:
- AUD/USD Intraday Outlook: Below 0.6718, the fall from 0.6898 could resume, but the downside should be contained by 0.6598 support.
- A break above 0.6849 would initiate a retest of the 0.6902 resistance.
- The broader rise from the 2022 low of 0.6173 is expected to continue, targeting 0.7448, as long as the 55-day EMA (0.6719) holds.
