AUDUSD is currently experiencing a sideways consolidation within a trading range bounded by 0.6363 and 0.6487. As long as the resistance level at 0.6487 remains intact, the lateral price movement can be interpreted as a consolidation phase for the prior downtrend from 0.6894. A breakdown below the support level at 0.6363 could potentially trigger further downside movement, with the next target around the 0.6300 area.
Alternatively, if there is a convincing breakout above the resistance level at 0.6487, it would suggest that the downward movement has already concluded at 0.6363. In this scenario, the next target for AUDUSD would be around the 0.6600 area.
Traders should monitor price action closely and observe any decisive movements beyond the key levels to determine the continuation or potential reversal of the current trend.
