Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 26-August-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral as range trading continues. Corrective rebound from 0.6680 could have been completed with three waves up to 0.7135. Below 0.6855 will target a retest on 0.6680 low. However, the break of 0.7135 will invalidate this view and resume the rebound from 0.6680 instead.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be 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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