Detailed FX Market Outlook and Analysis

Daily Forex Analysis – AUD/USD – 13-June-2023

AUD/USD Daily Forex Analysis

AUD/USD Daily Forex Analysis

When conducting the daily Forex analysis, the AUD/USD pair has shown intriguing momentum. The currency pair’s rally from 0.6460 is underway and the intraday outlook leans toward the upside, with an anticipated target at the 0.6820 structural resistance. A decisive breach of this level could usher in more substantial bullish implications. However, any break of the 0.6694 minor support may cause the intraday bias to shift to a neutral stance.

To provide a broader daily update, we see the decline from 0.7159 potentially continuing as long as the 0.6820 resistance holds. The rejection by the 55 Week EMA, currently at 0.6804, further supports a bearish medium-term outlook. A break of 0.6460 could prompt a move toward the crucial 0.6172 support level, which represents the 2022 low. However, a definitive break above 0.6820 could signal the completion of the downturn from 0.7159, characterized by a three-wave corrective structure. Following this, we could see the rise from 0.6172 ready to forge ahead past 0.7159.

AUD/USD Daily Analysis Keynotes

  • AUD/USD’s rally from 0.6460 is ongoing, targeting the 0.6820 structural resistance
  • A break of 0.6694 minor support could shift intraday bias to a neutral stance
  • If the 0.6820 resistance level is broken decisively, it could signal a resumption of the rise from 0.6172

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