Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 14-MAR-2023

AUD/USD Daily Analysis

The AUD/USD pair has failed to maintain levels above the 0.6694 resistance, resulting in a neutral intraday bias. The focus now shifts to whether the 0.6546 Fibonacci level will provide robust support to trigger a reversal. A convincing breach of the 0.6694 resistance-turned-support could indicate a short-term bottom and turn the bias towards an upward rebound towards the 55-day EMA (currently at 0.6798). However, if the 0.6546 level is breached, it could have significant bearish implications and push the pair towards the 0.6169 low.

Looking at the bigger picture, the uptrend from the 2022 low of 0.6169 seems to have ended at 0.7156, after being rejected by the 55-month EMA (now at 0.7158). This suggests a deeper decline towards the 61.8% retracement of the 0.6169 to 0.7156 upswing at 0.6546, which may be a corrective fall. If the 0.6546 support is broken, it would increase the likelihood of a long-term downtrend resuming towards the 0.6169 low.

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