Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 07-DEC-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral for the moment. Considering the bearish divergence condition in 4-hour MACD, a break of 0.6641 support should indicate short-term topping, following rejection by 0.6871 Fibonacci level. Intraday bias will return on the downside for 0.6521 resistance turned support first.

In the bigger picture, a medium-term bottom is in place at 0.6160 already. But it’s too early to call for trend reversal. Nevertheless, even as a corrective move, a rise from 0.6169 should target a 38.2% retracement of 0.8006 to 0.6169 at 0.6871. Sustained trading above 55-week EMA (now at 0.6922) will raise the chance of the start of a bullish uptrend. However, rejection by 0.6781 or 55 weeks EMA,  followed by 0.6521 resistance, turned support and retained medium-term bearishness.

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