Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 08-SEP-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD stays on the downside for a 0.6680 low. Decisive break there will resume larger down trend. The next target is the long-term Fibonacci level at 0.6461. On the upside, the break of 0.6855 support turned resistance is needed to indicate short-term bottoming. Otherwise, the outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 0.8006 (2021 high) are 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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