AUD/USD Daily Forex Analysis
The AUD/USD Intraday Analysis indicates a lingering possibility of a dip despite today’s recuperation. A pivotal descent beyond the 0.6460 support would validate the continuation of the decline originating from 0.7159. The forthcoming objective would be the 0.6198 mark, derived from a full projection of the fall between 0.7159 and 0.6460, pivoting from 0.6897. However, breaching the 0.6611 minor resistance would question this bearish sentiment, possibly redirecting the momentum upward.
Zooming out to the broader Daily Analysis, AUD/USD’s trajectory appears ambiguous. Its inability to maintain positions above the 55 Day EMA (adjusted to 0.6689) and 55 W EMA (now at 0.6772) creates uncertainty. A breakthrough past the 0.6897 resistance might suggest that the downtrend, which began from the 0.8009 peak of 2021, has reached its end, with eyes set on the 0.7159 resistance for verification. On the contrary, a breach of the 0.6460 support could potentially revisit and surpass the low of 0.6172 recorded in 2022.
AUD/USD Daily Analysis Summary
The AUD/USD pair displays potential for further decline, but today’s recovery introduces some hesitancy. Key levels to watch include the 0.6460 support and 0.6611 minor resistance, as these could dictate the pair’s short-term movement.
Key Takeaways:
- AUD/USD may trend towards 0.6198 if the 0.6460 support breaks.
- A shift above 0.6611 resistance could redirect momentum upwards.
- Long-term indicators are inconclusive, with significant resistance and support yet to be breached.
