Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 03-FEB-2023

AUD/USD Daily Analysis

Intraday bias in AUD/USD turned neutral again as it retreated after hitting 0.7156. On the upside, the break of 0.7156 will resume the up trend from 0.6169 to 0.7304 Fibonacci level. On the downside, the break of 0.6982 support should confirm short-term topping and turn bias back to the downside for 0.6871 support and below.

In the bigger picture, the corrective decline from 0.8006 (2021 high) should have been completed with three waves down to 0.6169 (2022 low). The further rally should be seen to 61.8% retracement of 0.8006 to 0.6169 at 0.7304. A sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.


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