AUDUSD Market Update: Downside Movement Resumption

AUDUSD’s trend has taken yet another turn with a break below a notable support level: implications for the future of the AUDUSD trading range.


Break Below the 0.6524 Support Level

AUDUSD has managed to break below the 0.6524 support level. This signifies a resumption of the downside movement that had originated from 0.6870.
 

Potential for Further Decline

With the above development, we can expect further decline in the following days. The subsequent target for this downward move is expected to be around the 0.6450 area.
 

Near-term Resistance

The immediate resistance for AUDUSD is at the 0.6530 level. Should the pair breach this level, it could push the price up towards a more distant 0.6570 level.

In conclusion, AUDUSD’s break below the 0.6524 support level signals a continuation of the downward trend, leading us to anticipate a possible further decline. However, an immediate resistance barrier at 0.6530 might stir a price reversal towards 0.6570.


More By This Author:

EURUSD Market Overview: Potential For Downtrend Closure
USDCAD Market Analysis: Break Below Support Indicates Completed Upside Movement
EURGBP Market Analysis: Extended Downside Movement

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with