Daily Forex Analysis – AUD/USD
The intraday stance in the AUD/USD pair remains neutral momentarily, yet the overarching sentiment leans bearish as long as the 0.6448 resistance level holds firm. A meticulous examination of the downside suggests that a decisive breach of the 0.6288 threshold could validate the continuation of the broader decline commencing from 0.7160. The subsequent objective aligns with the 100% extension of the move from 0.7160 to 0.6461, projected from 0.6898, pinpointing 0.6199 as the target. This figure nestles near the 0.6173 medium-term support level. However, a robust transcendence of 0.6448 could signal a short-term base formation, pivoting the bias northwards for a more pronounced recovery.
Expanding the horizon, the downtrend unfolding from the 0.8010 pinnacle of 2021 potentially continues to shape the market narrative. A decisive undercut of 0.6173 could set the stage for a journey towards the 61.8% extension of the movement from 0.8010 to 0.6173, projected through 0.7160, with an eye on 0.6025 as the destination. This scenario would ostensibly prevail as the more likely narrative as long as the 0.6898 mark remains unbreached, even in the event of a robust rebound.
Analysis Summary
The AUD/USD pair’s intraday bias is presently neutral, with a bearish undertone sustained by the 0.6448 resistance. A critical break on either side of the current consolidation could dictate the pair’s medium-term trajectory, with key levels identified at 0.6288 and 0.6173.
Key Points
- Neutral intraday bias with bearish sentiment at 0.6448 resistance
- Downside target at 0.6199, adjacent to 0.6173 medium-term support
- Downtrend continuation from 2021’s high of 0.8010, eyeing 0.6025
