Intraday Analysis for AUD/USD
The intraday outlook for AUD/USD has temporarily shifted to neutral due to a recent recovery in the pair. However, the Daily Forex Analysis suggests that the bearish outlook will persist as long as the resistance level at 0.6522 remains unbroken. A drop below 0.6358 would signify the resumption of a more extensive downward trend. The next primary target in such a scenario would be 0.6197, calculated as a 100% projection of the movement from 0.7158 to 0.6459, starting from 0.6896.
Long-Term Perspective
From a broader vantage point, the Daily Analysis emphasizes that the declining trend from the 2021 high of 0.8008 is likely still underway. A decisive plunge below 0.6171 would set the stage for a more substantial decline towards 0.6023. This figure is obtained as the Fibonacci 61.8% projection of the range between 0.8008 and 0.6171, measured from 0.7158. As long as the price remains below 0.6896, even in the event of a strong rebound, this bearish scenario remains the favored outlook.
Analysis Summary
The Daily Forex Analysis for AUD/USD indicates a continuing bearish trend, despite temporary recovery. Key resistance at 0.6522 and support at 0.6358 are pivotal for the pair’s next moves. The long-term downside target sits at 0.6023, further emphasizing the bearish outlook.
Key Takeaways
- AUD/USD Intraday Analysis signals a bearish outlook with a temporary neutral bias.
- Daily Analysis identifies 0.6197 as the next critical downside target.
- A long-term bearish scenario is favored as long as 0.6896 holds.
