AUD/USD Daily Forex Analysis
In this daily forex analysis, the AUD/USD pair takes center stage. After a brief pullback, the pair’s rise from 0.6998 has recommenced, shifting the intraday outlook back to the upside and setting its sights on the next resistance at 0.7298. A firm break above this level would confirm two things: firstly, the continuation of the rise from 0.6897, and secondly, the completion of the fall from 0.7596 that began at 0.6897. This would then pave the way for further advances toward the 0.7596 level. However, a fall below the minor support at 0.7183 would neutralize the intraday bias.
Zooming out to the larger picture, the movements from 0.7596 appear to be a correction of the rally that started from 0.6609, as opposed to a component of the larger downward trend from 0.8406 (the high of 2021). While a breach of 0.6897 cannot be completely discounted, the downside should remain capped above 0.6609. Meanwhile, breaking past the 0.7298 resistance would suggest that the rise from 0.6609 is primed to proceed past 0.7596.
AUD/USD Daily Analysis Summary
In summary, the AUD/USD pair’s rally from 0.6998 has resumed following a brief retreat, aiming next for the 0.7298 resistance. A decisive break above this level would confirm the rise’s continuation from 0.6897 and the completion of the fall from 0.7596. A dip below the 0.7183 support, however, would bring the intraday outlook back to neutral.
Key points:
1. The AUD/USD intraday analysis indicates a resumed rise from 0.6998, targeting the 0.7298 resistance.
2. A firm break above 0.7298 would confirm the rise’s continuation from 0.6897 and the completion of the fall from 0.7596.
3. In the larger picture, the movements from 0.7596 appear to be a correction, with the downside expected to remain above 0.6609.
