AUDUSD Outlook 10th March 2023
Overnight, the AUDUSD traded down to the 0.6568 support level despite the overall downward move on the DXY.
As the price failed to break the support level, a brief move to the upside could be likely.
However, if the DXY recovers in strength from the release of positive NFP data, the AUDUSD could continue with the trend and trade significantly lower, down to the next key support level of 0.6430.
Alternatively, if the AUDUSD rises beyond the 0.6635 price level, which aligns with the 38.2% Fibonacci retracement level, further upside could be anticipated, with the key resistance at the 0.67 round number price level.
Ultimately, the next directional bias for the AUDUSD will be highly dependent on the outcome of the NFP later today.
As the price failed to break the support level, a brief move to the upside could be likely.
However, if the DXY recovers in strength from the release of positive NFP data, the AUDUSD could continue with the trend and trade significantly lower, down to the next key support level of 0.6430.
Alternatively, if the AUDUSD rises beyond the 0.6635 price level, which aligns with the 38.2% Fibonacci retracement level, further upside could be anticipated, with the key resistance at the 0.67 round number price level.
Ultimately, the next directional bias for the AUDUSD will be highly dependent on the outcome of the NFP later today.
