The AUDUSD currency pair has been forming a sideways consolidation pattern for the long-term downtrend from the February 2021 high. As the pair remains below the falling trend line on the weekly chart, the downside movement is expected to continue after the consolidation period.
Currently, the near-term support for AUDUSD is at 0.6560, and a break below this level would likely aim the next support level at 0.6170. On the other hand, the near-term resistance for the pair is at 0.6800, and a break above this level would aim for 0.7157.
In conclusion, the AUDUSD currency pair is expected to continue its long-term downtrend after forming a sideways consolidation pattern. The near-term support and resistance levels are at 0.6560 and 0.6800, respectively, and a break above or below these levels would determine the pair’s next directional move.
