AUD/USD Daily Outlook 29-MARCH-23

AUD/USD Intraday Outlook and Analysis

The AUD/USD pair remains in consolidation from 0.6567, and the intraday bias stays neutral for now. As long as the 0.6762 resistance holds, a deeper decline is favored. A decisive break of the 0.6550 Fibonacci level on the downside would signal significant bearish implications. However, breaking the 0.6762 resistance would strongly indicate a bullish reversal and shift the bias towards the upside.

From a broader perspective, as long as the 61.8% retracement of 0.6173 to 0.7160 at 0.6550 holds, the decline from 0.7160 is considered a correction to the rally that began at 0.6173 (the 2022 low). Another rise is expected to surpass 0.7160 at a later stage. Nonetheless, a sustained break of the 0.6550 level would increase the likelihood of a long-term downtrend resuming and eventually passing the 0.6173 low.