AUD/USD Daily Forex Analysis
Our Daily Forex Analysis indicates that the intraday bias for AUD/USD remains neutral as the pair continues to trade sideways above the level of 0.6594. With the resistance level at 0.6710 still intact, further decline is favored. A downside break of 0.6594 would confirm the resumption of the decline from 0.6898, targeting the support level at 0.6457. However, a firm break above 0.6719 would shift the bias back to the upside, suggesting a stronger rebound.
In the bigger picture, the price actions from 0.7156 are viewed as a correction to the rebound from 0.6169, rather than a part of a larger downtrend from the high of 2021 at 0.8006. Although a break of 0.6457 could occur, the downside is expected to be limited above the support level at 0.6169. This remains the favored scenario as long as the resistance at 0.6898 holds. However, a break of 0.6898 resistance would indicate that the rise from 0.6169 is ready to resume towards 0.7156.
AUD/USD Daily Analysis Summary
According to our Daily Forex Analysis, AUD/USD continues to trade sideways with a neutral intraday bias. The pair is likely to experience further decline as long as the resistance level at 0.6710 remains intact. However, the downside is expected to be limited above the support level at 0.6457. A break above the resistance at 0.6898 would indicate a resumption of the upward trend.
Key takeaways
- AUD/USD maintains a neutral intraday bias with sideway trading above 0.6594.
- Further decline is favored as long as the resistance at 0.6710 holds.
- The price actions from 0.7156 are viewed as a correction, and a break above 0.6898 would signal a resumption of the upward move.
