The AUDUSD currency pair attempted to break above the resistance provided by a falling trend line on the 4-hour chart but was unsuccessful, leading to a pullback from 0.6457. This suggests a potential continuation of the downside movement.
There is a likelihood of further decline in AUDUSD, with a potential test of the 0.6363 support level. A breakdown below this level would indicate a resumption of the downtrend that started from 0.6894, with the next target being around the 0.6300 area.
On the upside, the key resistance level to watch is now at 0.6457. If the price manages to break above this level, it would indicate that the downside move has already completed at 0.6363, suggesting a next target of around the 0.6600 area.
In summary, AUDUSD was unable to break above the resistance of the falling trend line on the 4-hour chart and has pulled back from 0.6457. Further decline is expected, with a potential test of the 0.6363 support level. A breakdown below this level would confirm the resumption of the downtrend, with the next target around 0.6300. However, a breakout above 0.6457 would indicate the end of the downside move at 0.6363 and target a move towards 0.6600.