Tue, Mar 21, 2023 @ 07:36 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6778; (P) 0.6822; (R1) 0.6848; More…

AUD/USD’s fall from 0.7156 resumed by breaking 0.6810 and intraday bias is back on the downside. Deeper decline would be seen to 100% projection of 0.6854 to 0.7028 from 0.6854 at 0.6736, which is close to 0.6721 key structural support. Strong support is expected there to bring rebound. But for now, risk will stay on the downside as long as 0.6919 minor resistance holds, in case of recovery.

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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