Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 21-APR-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD stays neutral at the moment. On the upside, the break of 0.7492 minor resistance will turn bias back to the upside for 0.7660. Firm break there will resume larger rise from 0.6991 to retest 0.8006 high. On the downside, below 0.7342 will target 0.7164 support.

In the broader picture, correction from 0.8006 could have been completed at 0.6966, after drawing support from 0.6991. That is, the uptrend from 0.5506 (2020 low) might be ready to resume. Firm break of 0.8006 will target 61.8% projection of 0.5506 to 0.8006 from 0.6966 at 0.8511 next. This will remain the favored case as long as 0.7164 support holds.

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