Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 27-JAN-2023

AUD/USD Daily Analysis

With 0.7061 minor support intact, the further rise could still be seen in AUD/JPY. A firm break of 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168 will target the 0.7304 Fibonacci level. However, the break of 0.7061 will turn the bias back to the downside pulling back towards 0.6871 support.

In the bigger picture, the corrective decline from 0.8006 (2021 high) should have been completed with three waves down to 0.6169 (2022 low). The further rally should be seen to a 61.8% retracement of 0.8006 to 0.6169 at 0.7304. A sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.


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