AUD/USD Daily Forex Analysis
above the 0.6902 resistance level would primarily affirm the continuation of the climb from 0.6461. In addition, this could indicate the completion of the dip from the 2022 high of 0.7160 at 0.6461. This rise is expected to reach the 100% projection of 0.6461 to 0.6902 from 0.6598 at 0.7039, followed by targeting the resistance at 0.7160.
Through a broader lens in our Daily Forex Analysis, the price movements from 0.7160 are perceived as a correction to the bounce back from the 2022 low of 0.6173. Surpassing the 0.6902 resistance may suggest the resumption of the upswing from 0.6173 through 0.7160. The following target would be the 100% projection of 0.6173 to 0.7160 from 0.6461 at 0.7448. For the moment, this is the preferred scenario as long as the 55 D EMA, presently at 0.6707, remains unbroken.
AUD/USD Daily Analysis Summary
The intraday bias for AUD/USD remains neutral for now. A decisive break above the 0.6902 resistance level could indicate a continuation of the upward trend from 0.6461, with a potential target at 0.7039, and subsequently at 0.7160 resistance.
Key Points
- The intraday outlook for AUD/USD is currently neutral; a decisive break above 0.6902 could indicate trend resumption.
- Breaking above 0.6902 would also suggest the completion of the fall from 0.7160.
- The broader analysis indicates a potential rise towards 0.7448, assuming the 55 D EMA at 0.6707 holds.
