AUD/USD Daily Outlook and Analysis
The AUD/USD intraday movement is presently undecided while the adjustment from 0.6567 persists. A fall below 0.6623 would mean the downturn from 0.7160 is continuing, potentially touching the 0.6567 low. Conversely, if the rate climbs above 0.6808, a significant upswing may occur, potentially targeting the 61.8% retracement point at 0.6933.
Zooming out to the bigger picture, if the 61.8% retracement level between 0.6173 and 0.7160 at 0.6550 holds, the current drop from 0.7160 is merely a temporary pullback from the rally originating at the 2022 low of 0.6173. This suggests another upward movement might take place later, surpassing the 0.7160 mark. However, a sustained break below 0.6550 would increase the chances of a long-term downtrend resuming, possibly reaching the 0.6173 low.