AUD/USD Daily Analysis
The Australian Dollar against the US Dollar (AUD/USD) has seen a renewed upsurge, continuing its rise from 0.6273 by surpassing the 0.6545 resistance level. The intraday trend has now shifted to a bullish stance. This development suggests that the prior decline from 0.7160 might have concluded, having traced a three-wave pattern down to 0.6273. Expectations are set for a further ascent towards the falling channel resistance, currently positioned at 0.6680. However, a retreat below the 0.6455 support level would negate this optimistic outlook, reverting the intraday bias to a neutral state.
From a broader perspective, there’s yet to be definitive evidence that the downtrend from the 2021 high of 0.8010 has ended. Although the current rebound from 0.6273 could extend further, it may simply represent the third segment of a corrective pattern originating from the 2022 low of 0.6173. For the medium term, the bearish sentiment is expected to prevail as long as the 0.6898 resistance remains intact.
Analysis Summary
UD/USD’s recent break above 0.6545 hints at a bullish intraday trend, potentially marking the end of the decline from 0.7160. A push towards 0.6680 is anticipated, but falling below 0.6455 could change the outlook. Long-term trends remain bearish, contingent on 0.6898 resistance.
Key Points
- AUD/USD breaks above 0.6545, indicating a bullish turn.
- Potential rally towards 0.6680, watch for support at 0.6455.
- Long-term bearishness persists under 0.6898 resistance.
