AUD/USD Intraday Outlook 12-April-2023

AUD/USD Daily Outlook and Analysis

ntraday momentum in AUD/USD currently remains neutral. Generally, the risk will continue to lean towards the downside as long as the 0.6796 resistance persists. On the downside, a sustained breach of the 0.6567 support level will resume the decline from 0.7160, targeting the 61.8% projection of the 0.7160 to 0.6567 range from 0.6796 at 0.6430.

In the broader perspective, provided that the 61.8% retracement of 0.6173 to 0.7160 at 0.6550 remains intact, the drop from 0.7160 is considered a mere correction to the rally that began at 0.6173 (2022 low). A subsequent rise through 0.7160 should still be anticipated at a later time. Nevertheless, a sustained break of the 0.6550 level would increase the likelihood of a long-term downtrend resumption, potentially moving below the 0.6173 low.