Daily Forex Analysis – AUD/USD
AUD/USD persists in its range-bound trading pattern, with no clear intraday directional bias. While downside movements seem to be the prevalent expectation, this would remain speculative as long as the 0.6448 resistance stands unbreached. A solid decline below the 0.6288 support could potentially trigger a more extensive fall, originating from the 0.7160 level. The ensuing target is set at the 100% projection of the drop from 0.7160 to 0.6461, using 0.6898 as a reference, which positions it at 0.6199. Notably, this level aligns closely with the medium-term support of 0.6173.
The downward trend that began at 0.8010 in 2021 may not have fully played out. A conclusive dive beneath the 0.6173 marker will shift the focus to the 61.8% projection of the fall from 0.8010 to 0.6173 and then to 0.7160, pinpointed at 0.6025. However, any strong rebound to breach the 0.6898 level would necessitate a reevaluation of this bearish scenario.
Analysis Summary
AUD/USD remains trapped in a range with a prevailing bearish sentiment. A dip below 0.6288 could lead to further declines, targeting 0.6199. The broader trend from 2021’s high of 0.8010 suggests a possible continuation unless 0.6898 is surpassed.
Key Takeaways
- AUD/USD holds within a tight range, with bearish potential.
- The immediate downside target is pinpointed at 0.6199.
- The broader trend indicates the continuation of 2021’s decline.
