AUD/USD Daily Forex Analysis
Today’s Daily Forex Analysis spotlights the AUD/USD currency pair. The pair continues to consolidate from 0.6598, leaving the intraday outlook neutral. There is a slight inclination towards a further decline, considering the resistance at 0.6723 remains unbroken. Should a downside break of 0.6598 occur, it will lead the way for the fall that initiated from 0.6902 to progress toward the next support at 0.6461. However, a significant break above 0.6723 could reverse the bias, leading to a more substantial recovery.
Looking at the bigger picture in our Daily Analysis, the AUD/USD pair’s movements from 0.7160 are perceived as a correction to the bounce that started from 0.6173, rather than a segment of the larger downward trend beginning from 0.8010 (the peak of 2021). A fall to 0.6461 could transpire, but the downward momentum should be arrested above 0.6173. This scenario is likely to persist as long as the 0.6902 resistance remains intact. However, if the 0.6902 resistance is broken, it may suggest that the rise from 0.6173 is prepared to continue, surpassing 0.7160.
AUD/USD Daily Analysis Summary
To summarize, our Daily Forex Analysis indicates that the AUD/USD pair remains in consolidation, with a neutral intraday outlook. The likelihood of a further fall is more pronounced unless there’s a firm break above 0.6723. However, a broader perspective still presents a possible recovery from the 0.6173 low.
Key Points
- The pair remains in consolidation with the potential for a further drop, provided the 0.6723 resistance stays intact.
- A break below 0.6598 could lead to a fall towards 0.6461 support.
- From a larger perspective, the decline from 0.8010 (2021 high) is perceived as a correction, with a possible rebound from the 0.6173 level.
