Daly Forex Analysis – AUD/USD
The AUD/USD pair is experiencing a slight recovery from the 0.6358 low, yet it continues to operate under the 0.6522 resistance threshold. According to our Daily Forex Analysis, the intraday outlook for the pair is still neutral, but a further dip is anticipated. Should the pair descend past the 0.6358 level, it could ignite a more significant decline, with the ultimate target being the 100% projection of 0.7158 to 0.6459 from 0.6896, located at 0.6197.
In our Daily Analysis perspective, current trends suggest that the ongoing downturn, which started from the 2021 high of 0.8008, shows no signs of abating. A firm breakdown below 0.6171 will steer the pair towards a 61.8% projection of 0.8008 to 0.6171 to 0.7158, which stands at 0.6023. This trajectory is considered the most likely outcome as long as the 0.6896 level holds as a barrier against any significant rebounds.
Analysis Summary
Our Daily Forex Analysis suggests that the AUD/USD pair is likely to continue its decline. The immediate resistance and support levels to monitor are 0.6522 and 0.6358, respectively. Longer-term, the pair could potentially target 0.6023 if it continues on its current bearish path.
Key Takeaways
- AUD/USD Intraday Analysis indicates a neutral bias but leans towards further decline.
- Resistance at 0.6522 is a significant barrier to any potential recovery.
- Longer-term analysis suggests a target level of 0.6023 if current trends persist.
