AUD/USD Daily Analysis
AUD/USD remains range-bound, and the intraday bias is currently neutral. A deeper decline is expected as long as the resistance at 0.6758 holds. A decisive break of the Fibonacci level at 0.6546 would indicate a larger bearish implication. However, a strong signal of bullish reversal would be seen if the resistance at 0.6758 is broken, which would turn the bias back to the upside.
In the bigger picture, the decline from 0.7156 is viewed as a correction to the rally from the 2022 low of 0.6169. As long as the 61.8% retracement at 0.6546 holds, another rise above 0.7156 should be seen at a later stage. However, a sustained break of 0.6546 would increase the likelihood of a long-term downtrend resumption, possibly leading to a decline below the 0.6169 low.
