Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 21-July-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD is turned neutral with the current retreat. On the upside, above 0.6929 will resume the rebound from 0.6680 to 55-day EMA (now at 0.6967). Sustained break there will target 0.7282 structural resistance next. On the downside, however, below 0.6801 minor support will turn bias back to the downside for retesting the 0.6680 low 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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