Daily Forex Analysis – AUD/USD
The AUD/USD pair continues fluctuating, maintaining its position above 0.6828 despite the evident current downtrend. Our intraday analysis suggests that the market sentiment remains neutral for now. While the near-term perspective suggests bearishness, the 0.6504 resistance level remains undisturbed. A drop below 0.6288 would mark the continuation of the decline that initiated from 0.7160. In this scenario, our next anticipated target would be the 100% projection of 0.7160 to 0.6461, which is projected to stand at 0.6199.
Diving deeper into a broader perspective, the decline that started in 2021, marking its high at 0.8010, seems to be ongoing. A definitive plunge below 0.6173 would place the focus on the 61.8% projection, calculated between 0.8010 and 0.6173 and then up to 0.7160, resulting in an estimated target of 0.6025. This possibility will hold more weight unless there’s a strong bounce back beyond the 0.6898 level.
Analysis Summary
The AUD/USD pair remains above 0.6828 despite a noticeable decline. With the 0.6504 resistance untouched, a further drop might be imminent, potentially targeting 0.6199. A broader analysis points to the continuation of the 2021 downtrend, with significant levels to watch being 0.6173 and 0.6898.
Key Points
- AUD/USD holds above 0.6828 amid a declining trend.
- A breach below 0.6288 could target 0.6199.
- The extended downtrend from 0.8010 in 2021 remains a possibility.
