Detailed FX Market Outlook and Analysis

Daily Forex Analysis – AUD/USD – 11-July-2023

Daily Forex Analysis

AUD/USD Daily Forex Analysis

In our daily forex analysis, we turn our focus to the AUD/USD pair. Currently, the intraday analysis reveals a neutral bias as the currency pair continues to trade within a range, with expectations for a potential decline. On the downside, a breakthrough below 0.6598 might trigger a continuation of the decline from 0.6902, leading to the next support level at 0.6461.

However, it’s crucial in this daily analysis not to overlook potential upward movement. A firm breach of the 0.6723 resistance could redirect the bias back to the upside, potentially setting the stage for a more robust rebound.

In the broader context, the price movements originating from 0.7160 are perceived as a correction to the rebound from 0.6173, rather than an extension of the larger downward trend from 0.8010 (the high of 2021). While a break of 0.6461 cannot be completely ruled out, the downside is likely to be restrained above 0.6173. On the other hand, a break of the 0.6902 resistance might indicate that the rise from 0.6173 is poised to continue through 0.7160.

AUD/USD Daily Analysis Summary

In summary, the AUD/USD intraday analysis points to a neutral bias with a potential downside break of 0.6598 resuming the decline. However, a firm break above 0.6723 may allow for a stronger rebound. In the larger scheme, the rise from 0.6173 could resume, but a downside break of 0.6461 may occur, with a floor likely at 0.6173.

Key takeaways

  1. AUD/USD intraday analysis shows a neutral bias with a potential decline if 0.6598 is breached.
  2. A firm breach of 0.6723 resistance could pave the way for a robust rebound.
  3. In the broader context, the rise from 0.6173 might resume, but a break of 0.6461 could happen with the downside likely contained above 0.6173.

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