Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 01-June-2023

AUD/USD Daily Analysis

AUD/USD Update and Intraday Analysis

The Daily Analysis highlights a potential downward trajectory for the AUD/USD pair, premised on the persistent hold of the 0.6561 resistance level. Currently, the decline, originating from a height of 0.7159, is envisaged to meet a 61.8% projection around the 0.6454 mark. This projection traces the decrease from 0.7159 to 0.6566, considering the resistance-turned-support of 0.6820. An unequivocal breach here could then set the stage for a full 100% projection at 0.6227.

However, our AUD/USD Intraday Analysis also paints an alternate scenario. If the pair surpasses the 0.6561 resistance point, this could signal a temporary bottoming out. Such a break could prompt a shift in market bias, turning it upwards for a potentially more robust recovery.

Looking at the larger picture in our Daily Update, the 55 W EMA, currently at 0.6825, has maintained its role as a barrier for the AUD/USD pair, sustaining a bearish medium-term outlook. Current market activities suggest that the downward trend from 0.8009, a peak reached in 2021, may not have exhausted its course yet. In the coming phase, our attention turns towards the possibility of a retest of 0.6172, identified as the 2022 low. A convincing plunge below this point would solidify the resumption of the downtrend. At present, this scenario remains in the lead as long as the 0.6820 resistance point holds firm.

AUD/USD Daily Analysis Summary

In summary, the Daily Analysis suggests a possible downtrend for AUD/USD, targeting 0.6454 and possibly 0.6227, as long as 0.6561 resistance holds. However, breaching this resistance could signal a rebound. The broader outlook remains bearish, supported by the 0.6820 resistance.

  • AUD/USD is likely on a downward trajectory, with potential targets at 0.6454 and 0.6227
  • A breach of 0.6561 resistance may indicate short-term bottoming and a possible rebound
  • The wider outlook remains bearish, reinforced by the 0.6820 resistance level

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