Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 05-April-2023

AUD/USD Daily Analysis

The current retreat has made the intraday bias in AUD/USD neutral. A sustained break of the 38.2% retracement level at 0.6790 (calculated from the range of 0.7156 to 0.6563) could lead to a rise towards the 61.8% retracement level at 0.6929. Conversely, if the support level of 0.6650 is breached, the bias will shift back to the downside, targeting the 0.6563 low.

Looking at the bigger picture, the decline from 0.7156 is viewed as a correction to the rally from the 2022 low of 0.6169, as long as the 61.8% retracement level at 0.6546 remains intact. Further upside is expected, potentially surpassing 0.7156 in the future. However, a sustained break of 0.6546 would increase the likelihood of a long-term downtrend resuming, targeting the low of 0.6169.

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