Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 12-April-2023

AUD/USD Daily Analysis

Currently, there is no clear intraday bias in the AUD/USD market. However, the overall risk remains on the downside as long as the resistance level of 0.6792 holds. If there is a sustained break of the support level at 0.6563, the decline from 0.7156 will resume, leading to the 61.8% projection of the move from 0.7156 to 0.6563 from 0.6792 at 0.6426.

Looking at the bigger picture, as long as the 61.8% retracement level of the move from 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is considered a correction to the rally from the 2022 low of 0.6169. Another rise beyond 0.7156 is still expected at a later stage. However, if there is a sustained break of 0.6546, it will increase the likelihood of a long-term downtrend resumption through the 0.6169 low.

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