Detailed FX Market Outlook and Analysis

AUD/USD Daily Analysis 31-OCT-2022

AUD/USD Daily Analysis

Intraday bias in AUD/USD remains neutral for the moment. On the upside, a decisive break of 0.6535 resistance, and sustained trading above 55-day EMA (now at 0.6558), will raise the chance of medium-term bottoming, and target 0.6680 support turned resistance next. On the downside, below 0.6371 minor support will turn bias back to the downside for retesting the 0.6169 low instead.

In the bigger picture, the downtrend from 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium-term momentum remains strong and a retest of 0.5506 (2020 low) cannot be ruled out. But a firm break of 0.6680 will be the first sign of reversal and bring a stronger rebound back to 0.7135 resistance.

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