Daily Forex Analysis – AUD/USD
The trajectory for AUD/USD remains consistent, continuing its consolidation from a starting point of 0.6288. As of the moment, the intraday stance retains its neutral character. A bearish outlook is anticipated as long as the currency pair struggles to surpass the 0.6504 resistance. Should the pair drop below 0.6288, it would suggest the continuation of a decline initiated from 0.7160. The forthcoming target in such a scenario is the 100% projection rooted from 0.7160 to 0.6461, having its endpoint at 0.6898, which calculates to 0.6199.
Expanding the horizon, the downward trend that took off from 0.8010, recognized as the pinnacle of 2021, might still be in motion. A significant movement below 0.6173 could aim for the 61.8% projection of the descent from 0.8010 to 0.6173, recalibrating through 0.7160, and pointing towards 0.6025. This scenario holds a higher probability, especially if the AUD/USD remains beneath the 0.6898 level, even in the wake of a potential strong recovery.
Analysis Summary
The AUD/USD pair maintains its consolidative stance, with the prevailing bearish outlook contingent on the 0.6504 resistance. Potential declines might target 0.6199, with broader trends suggesting a move towards 0.6025.
Key Points
- AUD/USD’s neutral intraday stance revolves around the consolidation from 0.6288.
- A break below 0.6288 can lead to targeting 0.6199.
- In an extended view, the decline from 2021’s high of 0.8010 could aim for 0.6025, particularly if 0.6898 remains unbreached.
