Sat, Feb 04, 2023 @ 12:52 GMT

AUD/USD Mid-Day Report

Daily Pivots: (S1) 0.6877; (P) 0.6902; (R1) 0.6930; More…

AUD/USD’s rally resumed after brief consolidation and intraday bias back on the upside. Current rally from 0.6169 is in progress to 61.8% projection of 0.6169 to 0.6892 from 0.6721 at 0.7444. On the downside, break of 0.6875 minor support will turn intraday bias neutral and bring consolidations again. But overall 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 0.7304. 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.

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