AUD/USD Daily Forex Analysis
The AUD/USD pair maintains a downward intraday bias in our Daily Forex Analysis. The rebound from 0.6461 seems to have concluded at 0.6898, making way for a deeper fall towards a retest of the 0.6461 low. A break beneath this level would signify the resumption of the fall from 0.7160, aiming for a 100% projection of the decline from 0.7160 to 0.6461 starting at 0.6898 and leading to 0.6199. Conversely, breaching the minor resistance at 0.6632 could neutralize the intraday outlook.
Looking at the larger scheme, the outlook is unclear as the AUD/USD failed to sustain above the 55-day Exponential Moving Average (currently at 0.6705) and the 55-week EMA (now at 0.6788), according to our Daily Analysis. If the pair breaks above the 0.6632 resistance, it strengthens the case that the downtrend from the 2021 high of 0.8010 has ended, and we would look to the 0.7160 resistance for confirmation. However, if the 0.6461 level is breached, it’s likely the downtrend will continue past the 2022 low of 0.6173.
AUD/USD Daily Analysis Summary
In summary, our AUD/USD Intraday Analysis reveals a sustained bearish trend, with a possible deeper decline if the 0.6461 low is broken. A move above 0.6632 could neutralize the intraday bias, while a significant breach would suggest the end of the downtrend from 0.8010.
Key points:
- AUD/USD continues to display a bearish intraday bias.
- A break above 0.6632 could neutralize the intraday outlook.
- The downtrend from 0.8010 could resume if the 0.6461 low is breached.
