Daily Forex Analysis – AUD/USD
The recent penetration of the 0.6288 support by AUD/USD heralds the resurgence of a comprehensive decline emanating from 0.7160. The intraday disposition is now inclined towards the downside. The impending target is delineated by the 100% Fibonacci projection of the decline from 0.7160 to 0.6461, extending from 0.6898, landing at 0.6199, which is proximate to the medium-term support stationed at 0.6173. The prognosis will remain bearish for the time being, provided the resistance at 0.6402 remains unbroken, even in the event of a recuperation.
Looking at a broader analysis, the downtrend initiated at 0.8010 (the apex of 2021) might still be unfolding. A decisive rupture of the 0.6173 level could potentially usher in a target set at the 61.8% projection of the descent from 0.8010 to 0.6173, then ascending to 0.7160, which is positioned at 0.6025. This scenario will continue to be the preferred narrative as long as the 0.6898 mark remains intact, even amidst a potent rebound.
Analysis Summary
The AUD/USD pair’s breach of the 0.6288 support signals a continued descent from the 0.7160 mark. With a bearish outlook maintained as long as the 0.6402 resistance stands firm, a broader downtrend from 2021’s high is potentially ongoing, targeting a 61.8% projection at 0.6025 in a decisive break scenario.
- Breach of 0.6288 support reignites comprehensive decline.
- Bearish outlook held with 0.6402 resistance intact.
- A broader downtrend from 2021’s high potentially persisting.
