AUD/USD Analysis
AUD/USD has rebounded after reaching 0.6524, leading to a shift in the intraday bias to a neutral position. Although consolidative phases are anticipated, a subtle downside risk persists, contingent upon the resilience of the 0.6689 resistance level. A breach of the 0.6524 mark would signify a resumption of the descent from the short-term top at 0.6689, targeting the 55-day Exponential Moving Average (EMA) at 0.6495.
Examining the broader picture, there is no confirmation that the downtrend from 0.8006 (the high of 2021) has concluded. The price actions following the 0.6169 (the low of 2022) mark might be construed as a medium-term corrective pattern, with the ascent from 0.6269 representing the third leg. A range trading phase is currently envisaged between 0.6169 and 0.7156 (the high of 2023), subject to further market developments.
Analysis Summary
AUD/USD sees a recovery post-0.6524, establishing a neutral intraday bias. While consolidations are expected, a mild downside risk persists, hinging on the resilience of the 0.6689 resistance. Broader trends suggest an ongoing corrective phase, emphasizing range trading between 0.6169 and 0.7156 until further developments.
Key Points
- Recovery post-0.6524; intraday bias turns neutral.
- Downside risk persists with 0.6689 resistance intact.
- The broader outlook suggests an ongoing corrective phase; range trading prevails.
