Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 15-MAR-2015

AUD/USD Daily Analysis

The AUD/USD intraday bias remains neutral as it is still struggling to break through the 0.6694 resistance decisively. The focus now shifts to whether the 0.6546 Fibonacci level would provide strong support to initiate a reversal. A firm break of the 0.6694 resistance turned support would indicate a short-term bottoming and turn the bias back to the upside for a rebound towards the 55-day EMA, currently at 0.6795. However, a sustained break of 0.6546 would carry a larger bearish implication and target the 0.6169 low.

Looking at the bigger picture, the rise from the 2022 low of 0.6169 has completed at 0.7156, after being rejected by the 55-month EMA, now at 0.7158. A deeper decline would then be seen back to the 61.8% retracement of the 0.6169 to 0.7156 at 0.6546, even if it is a corrective fall. A sustained break there would increase the chance of a long-term downtrend resumption towards the 0.6169 low.

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