Daily Forex Analysis – AUD/USD
AUD/USD continues to experience range trading, keeping the Intraday Analysis neutral. As long as the resistance at 0.6524 remains intact, a further decline is projected. A breakthrough at 0.6360 will perpetuate the overarching downward trajectory to a 100% projection of 0.7160 to 0.6461 from 0.6898 at 0.6199.
Incorporating the Daily Forex Analysis for a broader perspective, the prevailing downtrend, originating from 0.8010 in 2021, is presumed to be maintaining its course. A definitive breach of 0.6173 will align the target with a 61.8% projection of 0.8010 to 0.6173 to 0.7160 at 0.6025. This scenario will continue to hold precedence as long as 0.6898 is maintained, especially in the event of a robust rebound, as discerned from our comprehensive Daily Analysis.
Analysis Summary
The Daily Forex Analysis of AUD/USD suggests continuation in range trading with a neutral intraday bias. A further decline is anticipated as long as the 0.6524 resistance holds. The prevailing downtrend from 0.8010 is presumed to be intact, targeting 0.6025 in the case of a decisive break of 0.6173.
Key Points
- AUD/USD persists in range trading, with a neutral intraday outlook.
- A sustained downtrend is possible, targeting 0.6025 if 0.6173 is decisively broken.
- The overarching scenario remains in favor of the downtrend as long as 0.6898 is maintained.
