Daily Forex Analysis – AUD/USD
The AUD/USD currency pair’s intraday orientation presents a neutral stance. There is a potential for further ascension stemming from its recovery phase, which began at 0.6288. However, a significant caveat is the formidable resistance set at 0.6504. Should the pair decline beneath 0.6288, it would indicate the continuation of the downward trend originating from the 0.7160 level. In this downward trajectory, the imminent target is set at the 100% projection of the journey from 0.7160 to 0.6461, starting at 0.6898 and culminating at 0.6199.
Taking a more expansive view, the downtrend which kickstarted from the zenith of 0.8010 during 2021 might still be actively shaping the pair’s journey. A pivotal juncture would be the clear breach below 0.6173. Such a move would gear the focus towards the 61.8% drop projection from 0.8010 to 0.6173, aiming for 0.7160, with a target set at 0.6025. This trajectory is now the anticipated path, barring any strong surge that might challenge the 0.6898 resistance.
Analysis Summary
While the AUD/USD recovery might push higher, the significant resistance at 0.6504 and the potential downtrend from 2021’s peak at 0.8010 provide pivotal markers in predicting its future movements.
Key Points
- A neutral stance was observed for AUD/USD’s intraday bias.
- 0.6504 resistance plays a crucial role in the pair’s trajectory.
- The broader picture suggests a possible continuation of the downtrend from 2021.
