The AUDUSD currency pair is currently facing a critical support level at 0.6594. A decisive breakdown below this level could potentially lead to further downside momentum, targeting the next support at 0.6550. Traders will closely monitor price action to assess the strength of the support level and the likelihood of a continuation of the downtrend.
On the other hand, immediate resistance is seen at 0.6660. A successful break above this level could open up the possibility of another upward move in AUDUSD. If the pair manages to clear the resistance, it may then aim to test the next resistance at 0.6720. This scenario would suggest a shift in sentiment towards bullishness and could attract more buyers into the market.
In conclusion, AUDUSD is currently facing a critical support level at 0.6594. A breakdown below this level could pave the way for further downside towards 0.6550. Conversely, a successful break above the immediate resistance at 0.6660 may lead to a potential rise towards 0.6720. Traders should closely monitor price action and key levels to make informed trading decisions and manage risk effectively.
