Mon, Jun 05, 2023 @ 07:15 GMT

AUD/USD Mid-Day Report

Daily Pivots: (S1) 0.6242; (P) 0.6271; (R1) 0.6305; More…

AUD/USD’s decline extends today and intraday bias remains on the downside. Next target is 100% projection of 0.7660 to 0.6680 from 0.7135 at 0.6155. Firm break there will pave the way to 0.5781. On the upside, above 0.6345 minor resistance will turn intraday bias neutral first. But outlook will stay 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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