Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 04-July-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral at this point. Strong support could still be seen from 0.6756/60 cluster support to bring a rebound. Above 0.6918 resistance will indicate short-term bottoming on the upside, and turn bias back to the upside for 0.7282 resistance. However, a sustained break of 0.6756/60 will carry a more significant bearish implication and target the 0.6461 Fibonacci level next.

In the bigger picture, price actions from 0.8006 are a corrective pattern to rise from 0.5506 (2020 low). Strong support is expected from 50% retracement of 0.5506 to 0.8006 at 0.6756 to complete the pattern. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. However firm break of 0.6756/60 will raise the chance of bearish reversal and target 61.8% retracement at 0.6461.

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