AUD/USD Intraday Outlook 18-April-23

AUD/USD Daily Outlook and Analysis

The AUD/USD pair has witnessed a slight rebound today, but it continues to trade within the boundaries of 0.6623 and 0.6808. Currently, the intraday outlook remains neutral. If the pair breaks below 0.6623, it would imply that the downward trend from 0.7160 is continuing, with the next target set at the 0.6567 low. On the other hand, if the pair breaches the 0.6808 level, it could trigger a more substantial rally towards the 61.8% retracement level of the 0.7160 to 0.6567 range, which is located at 0.6933.

Taking a wider view, as long as the pair stays above the 61.8% retracement level of the 0.6173 to 0.7160 range, at 0.6550, the fall from 0.7160 is perceived as a mere correction of the uptrend that started at the 2022 low of 0.6173. This suggests that further growth through the 0.7160 level could occur in the future. However, if the pair consistently trades below 0.6550, it would signal a higher possibility of the resumption of the long-term downtrend, potentially surpassing the 0.6173 low.