AUD/USD Daily Forex Analysis
Our Daily Forex Analysis suggests that the intraday bias for AUD/USD has turned neutral as the pair continues to hover around the 61.8% retracement level of the upward move from 0.6457 to 0.6898, located at 0.6625. Further decline is favored as long as the resistance at 0.6719 holds. Sustained trading below 0.6625 would open the path toward the key support level at 0.6457.
Taking a broader perspective, the outlook is somewhat uncertain due to the deeper-than-expected pullback from the high of 2022 at 0.6898. However, the price actions from 0.7156 are interpreted as a correction within the larger rebound from 0.6169. A break of the 0.6457 support level would resume the downward movement toward the 0.6169 low. Conversely, a break of the 0.6898 resistance level would suggest that the rise from 0.6169 is ready to resume, potentially targeting 0.7156.
AUD/USD Daily Analysis Summary
In summary, our Daily Analysis indicates a neutral intraday bias for AUD/USD as the pair oscillates around the 61.8% retracement level. The larger picture shows a corrective phase within an overall rebound, with key levels to watch being 0.6719 as resistance and 0.6625 as a support level.
Key takeaways
- Intraday bias for AUD/USD is currently neutral.
- Resistance at 0.6719 and support at 0.6625 are crucial levels to monitor.
- The broader outlook suggests a corrective phase within the larger rebound.
