Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 23-MAR-2023

AUD/USD Daily Analysis

The AUD/USD pair’s breach of the 0.6729 resistance level is expected to confirm a short-term bottoming at 0.6563. The fall from 0.7156 may have also concluded just before the 0.6546 Fibonacci level. The intraday bias is currently on the upside towards the 55-day EMA (now at 0.6773). A sustained break above that level would lead to a retest of the 0.7156 high. However, if the minor support level of 0.6648 is broken, the intraday bias will turn neutral once again.

In the bigger picture, the decline from 0.7156 is considered a correction to the rally from the 2022 low of 0.6169, as long as the 61.8% retracement level of 0.6546 holds. Another rise is still anticipated at a later stage through 0.7156. However, a sustained break of 0.6546 would increase the likelihood of a long-term downtrend resumption through the 0.6169 low.

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