AUD/USD Daily Outlook 31-MARCH-2023

AUD/USD Intraday Outlook and Analysis

Intraday bias in AUD/USD remains neutral as range trading persists. A deeper decline is favored as long as 0.6763 resistance holds. On the downside, a decisive break of the 0.6551 Fibonacci level will carry more significant bearish implications. On the upside, however, a break of 0.6763 resistance will now act as a robust signal of bullish reversal, shifting the bias back to the upside.

In the broader picture, as long as the 61.8% retracement of 0.6174 to 0.7161 at 0.6551 holds, we view the decline from 0.7161 as a mere correction to the rally from 0.6174 (2022 low). We expect another rise to materialize through 0.7161 at a later stage. However, a sustained break of 0.6551 will increase the likelihood of long-term downtrend resumption through the 0.6174 low. This analytical approach to AUD/USD movements is essential for search engines and readers looking for updated information on currency fluctuations.