AUD/USD Daily Outlook 11-April-23

AUD/USD Intraday Outlook and Analysis

Currently, the AUD/USD chart indicates a downward movement due to the price breaking through an ascending support line. This implies that the pair may undergo further declines.

Regarding potential price changes, the AUD/USD could experience a bearish response from the initial resistance level, leading to a drop to the primary support level. The swing low support, located at 0.6629, is the first line of defense against a further decline. If the price were to go below this level, the next support would be at 0.6585, which is a multi-swing low support.

On the other hand, the initial resistance level at 0.6732 is an overlap resistance level. If the price rebounds from this level, it may potentially decrease to the first support level at 0.6629. The secondary resistance level, positioned at 0.6790, represents a multi-swing high resistance level.

Moreover, an overlap resistance level at 0.6672 is located between the present price and the initial resistance level, which serves as an intermediate resistance level.