Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 06-SEP-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD is turned neutral with the current recovery. On the upside, a decisive break of 0.6680 low will resume a larger downtrend. The next target is the long-term Fibonacci level at 0.6461. On the upside, the break of 0.6855 support turned resistance will turn bias back to the upside for 0.7008 resistance instead.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be a bearish impulsive move. In either case, the outlook will remain bearish as long as the 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

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