Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 18-July-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral for the moment. Further decline is expected with 0.6873 resistance intact. A break of 0.6680 will target the next Fibonacci level at 0.6461. On the upside, the break of 0.6873 minor resistance will turn bias back to the upside for a stronger rebound instead.

In the bigger picture, price actions from 0.8006 could still be a corrective pattern to rise from 0.5506 (2020 low). But current downside acceleration is raising the chance that it’s 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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