AUDUSD has broken below the support level at 0.6513, indicating the resumption of the downside move from 0.6894.
With this breakdown, there is an expectation for further decline in the coming days. The next target for the pair could be around the 0.6450 area.
Resistance can currently be found at the top of the falling price channel on the 4-hour chart. A break above this channel resistance would be required to signal a potential completion of the downtrend.
Traders should closely monitor the price action and the behavior around the resistance and support levels mentioned for potential breakout or reversal signals.
To summarize, the analysis suggests that AUDUSD’s downside move has resumed after the break below the 0.6513 support level. Further decline towards the 0.6450 area may be expected. A breakout above the channel resistance would be needed to indicate a potential reversal in the trend. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.
