Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 27-MAR-2023

AUD/USD Daily Analysis

The intraday bias in AUD/USD is slightly on the downside towards the 0.6563 low. It is possible that the corrective recovery from there has already completed at 0.6758. If the Fibonacci level at 0.6546 is decisively broken, it could have larger bearish implications. However, if the resistance at 0.6758 is broken, it will signal a strong bullish reversal and turn the bias back to the upside.

In the bigger picture, as long as the retracement level of 61.8% from 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 will be viewed as a correction to the rally from 0.6169, which was the low of 2022. Another rise should still be expected at a later stage, possibly through 0.7156. However, if there is a sustained break of 0.6546, it will increase the likelihood of a long-term downtrend resumption towards the 0.6169 low.

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