Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 04-NOV-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD stays mildly on the downside for retesting 0.6169. Firm break there will resume a larger down trend to 138.2% projection of 0.7660 to 0.6680 from 0.7135 at 0.5781. For now, risk will stay on the downside as long as 0.6539 resistance holds, in case of recovery.

In the bigger picture, the downtrend from 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium-term momentum remains strong and a retest of 0.5506 (2020 low) cannot be ruled out. But a firm break of 0.6680 will be the first sign of reversal and bring a stronger rebound back to 0.7135 resistance.

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