Mon, Jun 05, 2023 @ 17:40 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6231; (P) 0.6289; (R1) 0.6329; More…

Intraday bias in AUD/USD stays on the downside at this point as down trend is in progress. Next target is 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155. On the upside, above 0.6362 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 0.6539 resistance holds.

In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Next target is 0.5506 low. Medium term momentum will now be closely monitored to gauge the chance of break of 0.5506.

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