Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 10-JAN-2023

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains mildly on the upside at this point. A rise from 0.6169 is in progress and should target a 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444 next. On the downside, below 0.6873, minor support will turn intraday bias neutral first. But the outlook will stay bullish as long as 0.6721 support holds in case of retreat.

In the bigger picture, a corrective decline from 0.8006 (2021 high) should have been completed with three waves down to 0.6169 (2022 low). The further rally should be seen to a 61.8% retracement of 0.8006 to 0.6169 at 0.6871. A sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.


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