Daily Forex analysis – AUD/USD
The intraday Outlook for the AUD/USD pair remains impartial as it continues to navigate through range trading. The immediate outlook is maintaining a bearish stance as long as the 0.6514 resistance remains intact. A downside breakout of 0.6334 would rejuvenate the entire descent from 0.7160, targeting a 100% projection of the fall from 0.7160 to 0.6461 from 0.6898 at 0.6199. However, a substantial breach of 0.6514 would corroborate the formation of a short-term bottom, altering the bias to the upside.
Looking at a more extensive frame, the downtrend, initiated from the 0.8010 high of 2021, seemingly persists. A significant penetration below 0.6173 will set the course towards the 61.8% projection of 0.8010 to 0.6173 to 0.7160 at 0.6025. This scenario is likely to prevail as the predominant assumption, particularly if the pair witnesses a robust rebound at 0.6898.
Analysis Summary
The Daily Analysis underscores a neutral intraday perspective for the AUD/USD pair within the domain of Daily Forex Analysis, highlighting the pivotal role of the 0.6514 resistance level in shaping near-term directional bias. The resolution at critical junctures in the pair’s trajectory will be crucial in unfolding whether the current trends will be upheld or reversed.
Key Points:
- AUD/USD displays neutral Intraday Analysis amidst ongoing range trading with key resistance at 0.6514.
- The prevailing downtrend from the 2021 high could potentially extend, particularly if critical levels are breached.
- A solid surpassing of 0.6514 could signify a short-term bottom, turning the bias to the positive side.
