Sat, Feb 04, 2023 @ 09:52 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6875; (P) 0.6913; (R1) 0.6950; More…

Intraday bias in AUD/USD remains mildly on the upside at this point. Rise from 0.6169 is in progress and should target 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444 next. On the downside, below 0.6873 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 0.6721 support holds, in case of retreat.

In the bigger picture, corrective decline from 0.8006 (2021 high) should have completed with three waves down to 0.6169 (2022 low). Further rally should be seen to 61.8% retracement of 0.8006 to 0.6169 at 0.6871. Sustained break there will pave the way to retest 0.8006. This will now remain the favored case as long as 0.6721 support holds.

Featured Analysis

Learn Forex Trading

Forex Trading Psychology

Risk and Reward

Taking Your First Live Forex Trade

Range Trading Explained