Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 29-August-2022

AUD/USD Daily Analysis

AUD/USD’s fall from 0.7135 resumed by breaking through the 0.6855 temporary low, and intraday bias is back on the downside. As noted before, the corrective rebound from 0.6680 could have been completed with three waves up to 0.7135. A deeper decline would be seen back to retest 0.6680 low next. Firm break there will resume larger down trend. For now, the outlook will stay cautiously bearish as long as 0.7008 minor resistance holds, in case of recovery.

In the bigger picture, price actions from 0.8006 (2021 high) are 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, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

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