Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 05-June-2023

Daily Forex Analysis

AUD/USD Update and Intraday Analysis

In the scope of daily analysis, the intraday bias for the AUD/USD pair is currently mildly on the upside. The recent rebound from 0.6457 indicates a potential target of the 55-day Exponential Moving Average (EMA) located at 0.6663. A sustained break above this level would further reinforce the bullish sentiment and set the stage for a possible test of the next resistance at 0.6817. However, it is essential to consider the possibility of a rejection by the 55-day EMA, which would keep the near-term outlook bearish. In such a scenario, if the pair falls below the minor support level of 0.6566, the bias would shift back to the downside, aiming to retest the previous low at 0.6457.

When examining the bigger picture, the medium-term outlook for the AUD/USD pair remains bearish, as indicated by the rejection at the 55-week EMA, currently situated at 0.6815. The ongoing developments suggest that the downtrend from the 2021 high of 0.8006 may still be in progress. A retest of the 2022 low at 0.6173 will likely be the next step in the downward trajectory. A decisive break below this level would confirm the resumption of the downtrend. Until then, this favored scenario of a continued downtrend remains valid, provided that the resistance at 0.6817 holds.

AUD/USDDaily Analysis Summary

The daily analysis indicates a mildly positive intraday outlook for the AUD/USD pair, with potential resistance at the 55-day EMA. Traders should closely monitor the price action around the key levels of 0.6663 and 0.6817 for further clues about the pair’s future direction. Moreover, the medium-term outlook suggests a bearish sentiment, focusing on retesting the 2022 low at 0.6173. Stay updated with daily updates and comprehensive analysis for accurate insights into the market trends of AUD/USD.

  • AUD/USD intraday bias mildly favors upside
  • Rejection by 55-day EMA keeps medium-term outlook bearish
  • Retesting 0.6169 support likely; firm break confirms downtrend resumption


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