AUDUSD Breaks Support: Further Downturn Or Bounce In Sight?
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The AUDUSD pair has made a decisive move, breaking below the key support level of 0.6468 after trading sideways between 0.6468 and 0.6543. This breakdown raises questions about the pair’s future direction. Let’s dive into the technical analysis to understand the potential scenarios.
Downside Pressure and Potential Targets
- Support Breached: The break below 0.6468 suggests increased selling pressure and potential for further decline.
- Target in Sight: In the coming days, the pair could fall further towards the 0.6400 area, extending the previous downward move from 0.6870.
Resistance for a Potential Rebound
- Immediate Hurdle: If the sellers take a breather and a bounce occurs, the initial resistance to overcome is at 0.6495.
- Retest Possibility: Recapturing this level could trigger a retest of the previous resistance at 0.6543.
Overall Sentiment
The technical picture leans towards a bearish outlook for AUDUSD in the near term. The breakdown below support and the presence of lower targets indicate a potential continuation of the downtrend. However, a break above 0.6495 and subsequent hurdles could signal a temporary reprieve or even a trend reversal.
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