AUD/USD Daily Analysis
AUD/USD is staying in consolidation from 0.6362 and intraday bias remains neutral. Stronger recovery could be seen. But upside should be limited well below 0.6698 support turned resistance. A break of 0.6362 will resume a larger down trend to a 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155.
In the bigger picture, the down trend form 0.8006 (2021 high) is expected to continue as long as the 0.7135 resistance holds. With 61.8% retracement of 0.5506 (2020 low) to 0.8006 at 0.6461 firmly taken out, next target is 0.5506 low. Medium-term momentum will now be closely monitored to gauge the chance of a break of 0.5506.
