Tue, Mar 28, 2023 @ 15:40 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6779; (P) 0.6810; (R1) 0.6839; More…

Intraday bias in AUD/USD stays on the downside as corrective fall from 0.7156 is in progress for 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. On the upside, above 0.6919 minor resistance will turn bias back to the upside for 0.7028 resistance.

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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