Daily Forex Analysis – AUD/USD
The AUD/USD currency pair currently exhibits a stable intraday bias while maintaining a generally bearish outlook, particularly as the resistance at 0.6402 remains unbreached. A downward trajectory is expected if the pair falls below the support level of 0.6273. Such a move would continue the larger decline from the slightly adjusted peak of 0.7160, aiming for the full projection target of 0.6199. This target lies in proximity to the medium-term support level, now at 0.6173.
From a broader perspective, the downtrend initiated from the 2021 high, now positioned at 0.8010, seems to be an ongoing occurrence. A decisive plunge below the 0.6173 support would intensify the bearish sentiment, steering the pair towards the 61.8% projection point of the decline from 0.8010 to 0.6173, then rising to 0.7160, projected at 0.6025. This bearish scenario is likely to persist as long as the rebound threshold of 0.6898 remains intact. Should a robust recovery occur, surpassing this threshold, it might signal a shift in the current bearish trend.
Analysis Summary
The AUD/USD pair’s neutral intraday bias coupled with unchallenged resistance at 0.6402 suggests a continued bearish outlook. A break below 0.6273 could reinforce this trend, targeting a decline towards 0.6199 and possibly extending to 0.6025. The bearish scenario is predominant unless a strong recovery breaches the 0.6898 mark.
Key Insights
- AUD/USD holds a neutral intraday bias with bearish outlook.
- Break below 0.6273 could trigger fall towards 0.6199.
- Long-term bearish target set at 0.6025, dependent on 0.6898 resistance.
