Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 12-August-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD stays on the upside as rising from 0.6680 is in progress. Next target is 100% projection of 0.6680 to 0.7045 from 0.6868 at 0.7233. On the downside, below 0.7062 minor support will turn intraday bias neutral first. But the further rally will remain in favor as long as 0.6868 support holds, in case of retreat.

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 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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