Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 18-JAN-2023

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral as consolidation continues below 0.7018. Outlook will stay bullish as long as 0.6721 support holds. A break of 0.7018 will resume a larger rise from 0.6169 to a 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168.

In the bigger picture, the 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 0.7304. 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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