Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 12-JAN-2023

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral for the moment. Outlook will stay bullish as long as 0.6721 support holds. A break of 0.6949 will resume a larger rise from 0.6169 to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444 next. However, a firm break of 0.6721 will indicate a near-term reversal and turn the bias back to the downside.

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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