AUD/USD Daily Outlook 06-April-23

AUD/USD Intraday Outlook and Analysis

Intraday bias in AUD/USD remains neutral for now. On the upside, a sustained break of the 38.2% retracement of 0.7161 to 0.6568 at 0.6795 will open the path to the 61.8% retracement at 0.6934. However, if the 0.6655 support is breached, the bias will shift back to the downside, targeting the 0.6568 low again.

In the bigger picture, as long as the 61.8% retracement of 0.6174 to 0.7161 at 0.6551 remains intact, the decline from 0.7161 is considered a correction to the rally from 0.6174 (2022 low) only. Another rise should still be seen through 0.7161 at a later stage. However, a sustained break of 0.6551 will increase the likelihood of the long-term downtrend resuming through the 0.6174 low.