Daily Forex Analysis – AUD/USD
AUD/USD remains anchored in a neutral zone, with the consolidation phase that began at 0.6288 still persisting. The overall sentiment is tilting bearish, contingent upon the 0.6504 resistance level holding firm. If the currency pair plunges below 0.6288, it would imply a continuation of the downturn that originated from 0.7160. The subsequent objective in this scenario would be to achieve the full projection of the movement from 0.7160 to 0.6461, calculated from 0.6898, pinpointing 0.6199 as the potential target.
Broadening the lens, the decline that commenced from the high of 2021 at 0.8010 might still be playing out. A critical break below 0.6173 would shift the focus towards the 61.8% projection of the swing from 0.8010 to 0.6173, measured from 0.7160, culminating at a potential target of 0.6025. This bearish scenario would be the primary expectation, particularly if the 0.6898 level fends off any pronounced rebounds.
Analysis Summary
AUD/USD exhibits a neutral intraday bias amid ongoing consolidation around 0.6288. While a bearish sentiment prevails, any movement below this level could intensify the decline. The broader trend suggests that the 2021 high of 0.8010 still casts a shadow over the pair’s trajectory.
Key Points
- AUD/USD’s consolidation at 0.6288 indicates a neutral intraday stance.
- A robust 0.6504 resistance solidifies the prevailing bearish sentiment.
- The influence of the 2021 high of 0.8010 remains evident in the broader trend.
