The AUDUSD pair has been trading in a bearish trend, with prices breaking below a significant support level. Let’s take a look at some of the key factors driving the market and what we can expect in the near term.
On the 4-hour chart, the AUDUSD pair has broken below the rising trend line, indicating a shift in sentiment and a potential reversal of the previous uptrend. As a result, further downside movement towards the next support level at 0.6570 could be expected.
In the near term, the pair faces resistance at 0.6670, followed by 0.6705. Only a breakout above these levels could trigger another rise towards 0.6800.
In summary, the AUDUSD pair is currently in a bearish trend and is likely to continue declining towards the next support level at 0.6570. However, a break above the resistance levels at 0.6670 and 0.6705 could signal a potential reversal of the current trend.
