The AUDUSD currency pair has continued its downward trajectory, extending its move from the 0.6899 level to as low as 0.6740. This ongoing decline suggests that further downside movement could be expected in the coming days.
With the bearish momentum intact, the next target for AUDUSD is projected to be around the 0.6720 area. Traders and investors should closely monitor price action as the pair approaches this level, as it could serve as a significant support zone.
On the upside, the immediate resistance level is located at 0.6820. If the price manages to surpass this level, it could trigger a temporary rebound and potentially lead to another rise towards the previous high at 0.6899. However, given the prevailing bearish sentiment, a sustained move above the resistance level would be required to shift the overall market sentiment in favor of the bulls.
To summarize, the AUDUSD pair has extended its downward move, with further decline expected in the coming days and the next target projected to be around the 0.6720 area. A break above the immediate resistance at 0.6820 could trigger a temporary rebound, but a sustained move above this level would be needed to change the overall bearish sentiment. Traders should carefully assess economic data, market sentiment, and other relevant factors to gain insight into the future direction of the AUDUSD pair.
