Detailed FX Market Outlook and Analysis

Daily Forex Analysis – AUD/USD – 29-June-2023

Daily Forex Analysis

AUD/USD Daily Forex Analysis

Our Daily Forex Analysis indicates that the AUD/USD pair maintains a downside bias in the intraday outlook. A sustained breakthrough from the 61.8% retracement level of 0.6457 to 0.6898, at 0.6629, will pave the way for a return to the key support level of 0.6457. Conversely, a break above the resistance at 0.6719 will temporarily neutralize the intraday bias.

When looking at the bigger picture, the outlook becomes mixed due to a deeper-than-expected pullback from the 2022 high of 0.6898. Nonetheless, the price movements from 0.7156 are considered a correction to the rebound from 0.6169. A break below 0.6457 would reignite the downward move toward the 2022 low of 0.6169. On the other hand, a break above the resistance at 0.6898 would suggest that the rise from 0.6169 is poised to continue beyond the level of 0.7156.

AUD/USD Daily Analysis Summary

In summary, our Daily Analysis suggests that the AUD/USD pair maintains a downside bias in the intraday perspective. The broader outlook remains mixed, with the potential for a resumption of the downward move if key support is broken or a continuation of the upward trend if resistance is breached.

Key takeaways

  • Intraday bias in AUD/USD remains on the downside.
  • Break below the 61.8% retracement level may lead to a return to key support.
  • Mixed outlook in the bigger picture, with a correction or a potential resumption of the upward trend.

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