AUD/USD Analysis
The intraday bias in AUD/USD persists with an upward inclination. The recent market movements indicate the culmination of the entire descent from 0.7156, manifesting as three distinctive downward waves concluding at 0.6269. An anticipated escalation is poised to unfold towards the 0.6894 resistance level. Maintaining a cautiously bullish near-term outlook hinges on the resilience of the 0.6524 support level against potential retracements.
A definitive signal signaling the termination of the downtrend from the 0.8006 peak in 2021 is yet to materialize. The observed price actions starting from 0.6169 (2022 low) potentially constitute a medium-term corrective pattern. The ongoing ascent from 0.6269 is identified as the third leg within this pattern. Currently, the market seems poised for a range-bound scenario, oscillating between 0.6169 and the 2023 high of 0.7156, awaiting further market developments.
Analysis Summary
The intraday bias in AUD/USD leans towards an upward trajectory, with recent market movements indicating the completion of a descent from 0.7156. A cautiously bullish outlook prevails contingent upon the 0.6524 support’s resilience. However, the broader picture lacks confirmation of the termination of the downtrend from 0.8006, suggesting a potential medium-term corrective pattern.
Key Points
- Intraday bias favors an upward movement, anticipating a rise to the 0.6894 resistance level.
- The near-term outlook is cautiously bullish, contingent on the support at 0.6524.
- The lack of confirmation for the end of the downtrend from 0.8006 implies a potential medium-term corrective pattern.
