Daily Forex Analysis – AUD/USD
In today’s Daily Forex Analysis, our focus is on the AUD/USD pair. The Intraday Analysis indicates that AUD/USD is currently range-bound, with a neutral intraday bias. While the bearish sentiment is maintained as long as the 0.6522 resistance level is unbroken, a breach of 0.6358 could potentially trigger a more considerable downtrend, targeting a 100% projection level at 0.6197.
In our Daily Analysis of the broader outlook, we note that the descent from the 2021 high of 0.8008 may still be unfolding. A decisive shattering of the 0.6171 support level would direct the pair towards a 61.8% projection level of 0.6023. This bearish scenario will persist as the favored outlook as long as a robust rebound doesn’t surpass the 0.6896 resistance level.
Analysis Summary
The AUD/USD Intraday Outlook suggests range-bound behavior with bearish undertones. The pair may target 0.6197 on the downside if 0.6358 support breaks, while the broader trend could extend the slide to 0.6023.
Key Points
- Bearish intraday outlook with potential target at 0.6197.
- Decisive break of 0.6171 could lead to 0.6023.
- Resistance at 0.6522 serves as key barrier for bullish reversal.
