Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 31-JAN-2023

AUD/USD Daily Analysis

AUD/USD’s break of 0.7061 minor support suggests a short-term topping at 0.7141, ahead of the 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7168. Intraday bias is back on the downside for 0.6871 support for further to 55 days EMA (now at 0.6832). On the upside, a firm break of 0.7141 will resume the rally from 0.6169 to 0.7304 Fibonacci level.

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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