Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 09-MAY-2023

AUD/USD Daily Analysis

The immediate focus is on the 0.6804 resistance level as the rebound from 0.6572 continues. A decisive break above this level will indicate the completion of the entire fall from 0.7156 and turn the near-term outlook bullish for a retest of this high. However, if there is rejection at 0.6804, the near-term bearishness will remain, and a resumption of the downtrend towards the 0.6563 low is likely at a later stage. If the minor support level of 0.6716 is breached, a retest of the 0.6563 low is expected.

In the bigger picture, as long as the 61.8% retracement level of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to the rally from the 2022 low of 0.6169. Another rise towards 0.7156 is still expected at a later stage. However, a sustained break of 0.6546 would increase the likelihood of a long-term downtrend resumption towards the 0.6169 low.

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