Daily Forex Analysis – AUD/USD
In today’s Daily Forex Analysis, our focus turns to the AUD/USD pair. Intraday Analysis for this pair suggests a neutral stance as the currency pair continues its range-bound activity. A potential upside recovery might materialize, but the broader outlook remains negative as long as the resistance at 0.6522 remains unbreached. Should the pair dip below 0.6358, expect a resumption of the larger downtrend targeting a 100% projection level of 0.7158 to 0.6459, landing at 0.6197.
The ongoing developments point towards the continuation of the downward trend from the 2021 high of 0.8008. A decisive break below 0.6171 would direct the pair towards a 61.8% projection level, drawn from 0.8008 through 0.6171 to 0.7158, settling at 0.6023. This downside scenario gains more weight unless we see a powerful rebound above 0.6896.
Summary
Today’s Daily Forex Analysis reveals a neutral-to-bearish outlook for the AUD/USD pair. While some recovery is possible, key resistance at 0.6522 must be breached to alter this view. Failing that, a fall below 0.6358 will likely reignite the larger downtrend.
Key Bullet Points:
- Neutral Intraday Analysis for AUD/USD; critical resistance at 0.6522
- A decisive break below 0.6171 could spur more significant losses.
- A strong rebound needs to overcome 0.6896 to alter the bearish outlook.
