AUD/USD Analysis
The current intraday bias for AUD/USD maintains an upward trajectory. The ongoing ascent from 0.6269 is poised to target the initial resistance at 0.6898, and a sustained breakthrough could propel it to 0.7156 subsequently. Conversely, breaching the minor support at 0.6727 would temporarily neutralize the intraday bias. However, the overall outlook remains bullish, contingent upon the resilience of the 0.6545 support against any potential retreat.
There is yet to be conclusive evidence indicating the completion of the downtrend initiated from the 2021 high of 0.8006. The price actions observed from the 2022 low of 0.6165 may constitute a medium-term corrective pattern, with the current ascent from 0.6269 representing the third leg of this pattern. Until further developments materialize, the market is likely to engage in a range-bound phase oscillating between 0.6169 and the 2023 high of 0.7160.
Analysis Summary
The intraday bias for AUD/USD leans towards further upward movement, targeting 0.6894 and potentially 0.7156. Despite the possibility of neutralization around 0.6723, the bullish outlook prevails as long as 0.6541 support holds. In the larger context, a conclusive end to the downtrend from the 2021 high is yet to be affirmed, with the current price actions possibly constituting a medium-term corrective pattern. The market is anticipated to engage in range trading between 0.6169 and 0.7156 until additional developments unfold.
Key Points
- Intraday bias favors an upward trajectory targeting 0.6894 and possibly 0.7156.
- Neutralization potential exists around 0.6723, but the overall outlook remains bullish with 0.6541 support crucial.
- No confirmed completion of the downtrend from 2021; ongoing price actions from 2022 may be a corrective pattern
