Detailed FX Market Outlook and Analysis

Daily Forex Analysis – AUD/USD – 16-June-2023

AUDUSD Daily Forex Analysis

AUD/USD Daily Forex Analysis

Today’s daily Forex analysis shows that the AUD/USD rally has intensified, reaching as far as 0.6902. The robust breach of the 0.6821 resistance seems to affirm the completion of the corrective decrease from 0.7160, which unfolded in three waves ending at 0.6461. The intraday outlook maintains a bullish bias, with the next target set at the retest of the 0.7160 peak. Should the pair dip below the minor support at 0.6810, the intraday bias would turn neutral, leading to some consolidation before another upward move.

Looking at the broader landscape in our daily analysis, the downturn from 0.7160 might have culminated in a three-wave corrective structure at 0.6461. This pattern suggests that the rise initiated from the 2022 low of 0.6173 is ongoing. A firm breach of the 0.7160 level would support the idea that the overall downtrend from the 2021 high (0.8010) has come to an end, thus turning the medium-term outlook bullish. For the time being, this scenario remains favored as long as the 0.6461 support holds, even if a substantial pullback occurs.

AUD/USD Daily Analysis Summary

In conclusion, our AUD/USD intraday analysis indicates an ongoing rally with a target retest of the 0.7160 high. A fall below the 0.6810 support would shift the intraday bias to neutral, preceding another climb. The broader view anticipates an ongoing rise from the 2022 low, with a breach above 0.7160 signaling a potential end to the downtrend from 2021.

Key Points

  • AUD/USD intraday analysis reveals a strong rally targeting a retest of the 0.7160 high.
  • A slide below the 0.6810 minor support would shift the intraday perspective to neutral, prior to another rise.
  • The broader view suggests the continuation of the rise from the 2022 low, with a break above 0.7160 potentially indicating a bullish trend reversal.

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