AUD/USD Mid-Day Report

Daily Pivots: (S1) 0.6275; (P) 0.6293; (R1) 0.6306; More details will follow.

The intraday bias for the AUD/USD pair is leaning towards the downside after breaking below the 0.6257 support level. This decline, which started from the 0.6390 mark, now aims for the next target at 0.6186. A solid break below this level would suggest the corrective pattern that began from the 0.6087 level has concluded and that a more significant decline, stemming from the high of 0.6941, is about to continue. Until then, the risk remains on the downside, especially if the resistance at 0.6329 continues to hold up against any potential recovery.

Looking at the broader context, the drop from the 0.6941 high recorded in 2024 is considered part of the ongoing downtrend that began from the peak of 0.8006 in 2021. The next notable medium-term target is set at the 61.8% projection level from 0.8006 to 0.6169, measured from the high of 0.6941, which points to a target of 0.5806. The outlook remains bearish as long as the 55-week Exponential Moving Average (now at 0.6467) continues to act as a barrier for upward movement.

AUD, USD, forex