AUD/USD Daily Forex Analysis
Our Daily Forex Analysis suggests that the AUD/USD pair’s intraday outlook remains neutral, as the consolidation phase extending from 0.6902 is still in progress. The downside of the retreat should be restrained by the 38.2% retracement of the range between 0.6461 and 0.6902, standing at 0.6734, which may prompt another rally. As previously indicated, the entire corrective drop from 0.7160 might have already completed its three-wave pattern down to 0.6461. A climb above 0.6902 will reinstate the rise from 0.6461, setting a target to retest the high at 0.7160.
When we broaden our scope, the fall from 0.7160 appears to have ended in a three-wave corrective structure at 0.6461. This pattern suggests that the rise from 0.6173, the low of 2022, is still underway. A firm break above 0.7160 will support the theory that the entire downtrend from the high of 0.8010 in 2021 has concluded, shifting the medium-term outlook to bullish. This view is favored as long as the 55-day EMA, currently at 0.6698, is maintained, even in the event of a significant pullback.
AUD/USD Daily Analysis Summary
To summarize the AUD/USD Daily analysis, the pair suggests a neutral stance, with consolidation ongoing from 0.6902. A break above this level could trigger a retest of the 0.7160 high, while the 55-day EMA at 0.6698 remains a key level to watch.
Key Points
- The intraday bias in AUD/USD remains neutral with ongoing consolidation from 0.6902.
- The rise from the 2022 low of 0.6173 is still in progress, indicating a potential bullish trend reversal.
- The 55-day EMA at 0.6698 is critical for the medium-term bullish outlook.
