AUD/USD Daily Analysis
Intraday bias in AUDUSD stays on the downside this week. Current downtrend should target 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155 next. On the upside, the break of 0.6539 resistance is needed to indicate short-term bottoming. Otherwise, the outlook will stay bearish in case of recovery.
In the bigger picture, the downtrend from 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. The next target is 0.5506 low. Medium-term momentum will now be closely monitored to gauge the chance of a break of 0.5506.
