AUDUSD has been trading in a sideways range between 0.6170 and 0.7157 for several weeks.
The sideways movement is likely a consolidation phase within the long-term downtrend from 0.8006. As long as the resistance of the falling trend line on the weekly chart holds, there is an expectation for the downside move to resume.
A breakdown below the support level at 0.6457 could potentially trigger another fall towards 0.6170.
On the upside, a breakout above the resistance at 0.6899 could lead the price to test the trend line resistance.
Traders should closely monitor the price action around the falling trend line resistance and key support levels for potential breakout or reversal signals.
In summary, the analysis indicates that AUDUSD is currently in a consolidation phase within the long-term downtrend. Attention should be paid to the resistance of the falling trend line, and a breakdown below support could lead to further downside movement. Traders should watch for potential breakouts or reversals and assess the price action accordingly.
