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Daily Forex Analysis – AUD/USD – 21-July-2023

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AUD/USD Daily Forex Analysis

In today’s AUD/USD Daily Forex Analysis, we observe a neutral intraday bias. A robust breakout above the 0.6902 resistance would imply two crucial developments. First, it would confirm the resumption of the bullish trajectory from 0.6461. Second, it would validate that the decline from 0.7160 has ended at 0.6461. Upon this confirmation, the next target lies at the 100% projection of 0.6461 to 0.6902 from 0.6598 at 0.7039, followed by the 0.7160 resistance.

From a broader perspective in our Daily Analysis, price movements from the 0.7160 mark are interpreted as a correction to the recovery from 0.6173 (2022 low). A successful breach of the 0.6902 resistance would suggest that the rally from 0.6173 is set to continue beyond 0.7160. The subsequent target would then be the 100% projection of 0.6173 to 0.7160 from 0.6461 at 0.7448. Currently, as long as the 55-day EMA (now at 0.6707) remains intact, this scenario is favored.

AUD/USD Daily Analysis Summary

The Daily Forex Analysis for AUD/USD remains neutral. A decisive break of 0.6902 resistance will confirm the rally’s resumption from 0.6461 and target 0.7039, then 0.7160 resistance.

Key Points:

  • AUD/USD Intraday Analysis indicates neutral bias; a break above 0.6902 will signal a resumption of the uptrend.
  • If 0.6902 resistance is broken, the next targets are 0.7039 and 0.7160.
  • As long as the 55-day EMA (0.6707) holds, the resumption of the rise from 0.6173 is favored.

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