AUDUSD encountered a significant obstacle as it failed to break above the key resistance level at 0.6720. This lack of upward momentum has resulted in a break below the support level at 0.6640, signaling potential downside pressure for the currency pair. Traders should closely monitor price action in the coming days for further developments.
The failure to surpass the resistance level at 0.6720 suggests a potential shift in market sentiment, with sellers gaining strength and exerting downward pressure on AUDUSD. This could lead to a continuation of the recent decline, with the next target for bears likely to be at 0.6594. A breakdown below this level could further extend the decline towards the 0.6550 area.
In conclusion, AUDUSD failed to break above the resistance level at 0.6720 and subsequently broke below the support level at 0.6640. This suggests potential downside pressure, with a possible decline towards 0.6594 and further towards 0.6550. Traders should closely monitor price action and consider relevant market factors when making trading decisions to adapt to evolving market conditions.
