Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 06-MAR-2023

AUD/USD Daily Analysis

The current intraday bias for AUD/USD is neutral, with an anticipated decline as long as the 0.6854 support turned resistance level holds. A break of 0.6693 will confirm the continuation of the fall from 0.7156 to the 161.8% projection level of 0.6854 to 0.7028 from 0.6854 at 0.6539. However, a decisive break of 0.6854 would suggest that the decline has ended and that near-term bullishness has been restored.

In the larger picture, the focus is on the 0.6721 structural support level. A sustained break there would indicate that the entire rise from the 2022 low of 0.6169 has ended at 0.7156, after being rejected by the 55-month EMA, which is now at 0.7164. A deeper decline would then be expected back to the 61.8% retracement level of 0.6169 to 0.7156 at 0.6546, even if it is a corrective fall. However, a strong rebound from the current level would maintain medium-term bullishness for another rise through 0.7156 later.

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