Fri, Mar 24, 2023 @ 00:05 GMT

AUD/USD Daily Outlook

Daily Pivots: (S1) 0.7045; (P) 0.7101; (R1) 0.7134; More

Intraday bias in AUD/USD is turned neutral again as it retreated after hitting 0.7156. On the upside, break of 0.7156 will resume the up trend from 0.6169 to 0.7304 fibonacci level. On the downside, break of 0.6982 support should confirm short term topping, and turn bias back to the downside for 0.6871 support and below.

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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