AUD/USD Daily Forex Analysis
Our Daily Forex Analysis for the AUD/USD pair shows a recent recovery effort was thwarted by the 55 4H EMA, causing a significant retracement. The Intraday Outlook stays neutral initially. Although a further downturn can’t be dismissed, the pair is expected to find robust support at 0.6598, which should complete the corrective pattern stemming from 0.6902.
Breaking above the 0.6742 resistance level could switch the bias back towards bullish, triggering a retest of the 0.6898/0.6902 resistance area. Nevertheless, if the pair consistently breaches the 0.6598 level, it would undermine this outlook and possibly lead to a more pronounced decline toward the 0.6461 mark.
On a larger scale, the Daily Analysis for the AUD/USD pair offers a mixed outlook. The pair failed to remain above both the 55 D EMA (now at 0.6724) and 55 W EMA (now at 0.6788), which creates an ambiguous scenario. A break above the 0.6594 resistance would strengthen the argument that the downtrend from the 2021 high of 0.8010 has indeed concluded, setting sights on the 0.7160 resistance level for confirmation. Conversely, breaking below the 0.6461 level could likely reignite the downtrend through 0.6173, the low of 2022.
AUD/USD Daily Analysis Summary
Our Daily Forex Analysis of the AUD/USD pair suggests a mixed outlook. The pair may find solid support at 0.6598 but faces resistance at 0.6742. A significant break in either direction could signal a more decisive trend.
Key Points:
- Neutral Intraday Outlook initially for the AUD/USD pair
- A break above 0.6742 could tilt the bias back to bullish
- The downside risk includes a potential fall to 0.6461 if 0.6598 support fails.
