AUD/USD Intraday Outlook 13-April-23

AUD/USD Daily Outlook and Analysis

The AUD/USD has experienced an ongoing recovery from 0.6623, yet it remains significantly below the 0.6796 resistance level. The intraday outlook is still neutral for now, with risks remaining on the downside as long as the 0.6796 resistance level is unbroken. A drop below 0.6623 would prompt a retest of the 0.6567 low. A sustained breach of the 0.6567 support level would lead to a continuation of the decline from 0.7160, targeting the 61.8% projection of 0.7160 to 0.6567 from 0.6796 at 0.6430.

Taking a broader perspective, as long as the 61.8% retracement of 0.6173 to 0.7160 at 0.6550 is maintained, the decline from 0.7160 is viewed as a mere correction to the rally that started from the 2022 low of 0.6173. A subsequent rise through 0.7160 is still anticipated at a later stage. However, a sustained break below 0.6550 would increase the likelihood of a long-term downtrend resumption, potentially pushing the currency pair below the 0.6173 low.