AUD/USD Daily Analysis
The immediate focus for AUD/USD is on the 0.6693 support level. A strong break below this level will resume the downward trend from 0.7156 and push the price towards the 161.8% projection of the move from 0.6854 to 0.7028, starting from 0.6854, which is located at 0.6539. On the other hand, if the price breaks above the 0.6782 resistance level, it will indicate a short-term bottom and shift bias back to the upside for a stronger rebound.
In the larger picture, attention is on the 0.6721 structural support level. A sustained break below this level will suggest that the entire rise from the 2022 low of 0.6169 has finished at 0.7156, after being rejected by the 55-month EMA (currently at 0.7164). A deeper decline would then be expected to the 61.8% retracement of the move from 0.6169 to 0.7156, located at 0.6546, even if it is just a corrective fall. Nevertheless, a strong rebound from the current level will maintain medium-term bullishness and indicate a potential rise through 0.7156 in the future.
