Fri, Jun 09, 2023 @ 00:59 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6660; (P) 0.6686; (R1) 0.6711; More…

Range trading continues in AUD/USD and intraday bias stays neutral. Deeper decline is in favor as long as 0.6758 resistance holds. On the downside, decisive break of 0.6546 fibonacci level will carry larger bearish implication. On the upside, however, break of 0.6758 resistance will now be a strong signal of bullish reversal and turn bias back to the upside.

In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.

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