AUD/USD Daily Outlook 04-April-23

AUD/USD Intraday Outlook and Analysis

AUD/USD mildly retreats after reaching the 38.2% retracement of 0.7158 to 0.6565 at 0.6792. However, a further rise remains in favor. A firm break of 0.6792 will extend the rise from the 0.6565 short-term bottom to the 61.8% retracement at 0.6931. On the other hand, a break of 0.6652 support will shift the bias back to the downside, targeting the 0.6565 low once again.

In the bigger picture, as long as the 61.8% retracement of 0.6171 to 0.7158 at 0.6548 holds, the decline from 0.7158 is considered a correction to the rally from the 0.6171 (2022 low) only. Another rise should still occur through 0.7158 at a later stage. However, a sustained break of 0.6548 will increase the likelihood of a long-term downtrend resumption, pushing through the 0.6171 low.