AUD/USD Intraday Outlook 17-April-23

AUD/USD Daily Outlook and Analysis

Currently, the intraday bias for AUD/USD remains neutral. If the currency pair falls below 0.6623, it will indicate that the decline from 0.7160 is resuming, potentially reaching the 0.6567 low. On the other hand, a sustained break above 0.6808 could lead to a stronger rally, targeting the 61.8% retracement level of 0.6933, calculated between 0.7160 and 0.6567.

In the broader context, as long as the 61.8% retracement level at 0.6550 holds, the decline from 0.7160 is seen as a correction to the rally that began at 0.6173 (the 2022 low). This suggests that another upward movement could eventually surpass 0.7160. However, if the 0.6550 level is breached, it increases the likelihood of a long-term downtrend resumption, potentially reaching the 0.6173 low.