Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 03-April-2023

AUD/USD Daily Analysis

The consolidation of AUD/USD from 0.6563 is continuing, and the intraday bias remains neutral. A significant break of the 0.6546 Fibonacci level on the downside will have more significant bearish implications. However, on the upside, a break of the resistance level of 0.6758 will be a strong signal of a bullish reversal and will turn the bias back to the upside.

In the bigger picture, the decline from 0.7156 is seen as a correction to the rally from 0.6169 (2022 low) only, as long as the 61.8% retracement of 0.6169 to 0.7156 at 0.6546 remains intact. Another increase is expected to occur through 0.7156 at a later stage. However, a sustained break of 0.6546 will increase the chances of a resumption of the long-term downtrend through the 0.6169 low.

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