AUD/USD Daily Analysis
The current outlook for AUD/USD is neutral, with a slight tilt towards a deeper decline. If the 0.6854 level is breached, the next target would be a 38.2% retracement at 0.6779. On the other hand, if 0.7010 is broken, the outlook would become bullish, and the focus would shift to retesting the 0.7156 high.
From a broader perspective, the corrective decline in AUD/USD from the 2021 high of 0.8006 is believed to have finished with a three-wave pattern down to 0.6169 in 2022. Further upside momentum is expected, with the next target being the 61.8% retracement at 0.7304. A sustained break above this level would then open the door for a potential return to 0.8006. This remains the favored scenario as long as the 0.6721 support holds.
