The AUDUSD pair has experienced an extended downside move, following a decline from its peak at 0.6817. Currently, the pair is testing the previous low support at 0.6573, indicating a potential bearish continuation. Traders and investors are closely monitoring the market as the pair approaches this critical level.
Should the AUDUSD pair break below the 0.6573 support, it would open the door for further downside movement. The next support level to watch for would be around 0.6500, which holds significance for traders as a potential target for the ongoing bearish momentum. A breach of this level could potentially amplify the selling pressure and lead to an extended decline.
On the upside, the AUDUSD pair faces immediate resistance at 0.6675, followed by a more critical level at 0.6709. A decisive breakout above these resistance levels would suggest a shift in market sentiment and could trigger a potential upward move for the pair. Such a breakout could lead AUDUSD towards the 0.6800 area, offering a glimmer of hope for bullish traders.
However, until a substantial breakthrough occurs above the mentioned resistance levels, the bearish outlook remains dominant. Traders should remain cautious and closely monitor price action for any signs of a trend reversal.
In conclusion, the AUDUSD pair has extended its downside move, approaching the previous low support at 0.6573. A breakdown below this level could trigger further decline, with the next support level at 0.6500. Resistance levels stand at 0.6675 and 0.6709, and only a convincing breakout above these levels would suggest a potential reversal towards the 0.6800 area. Traders should closely monitor price movements and implement appropriate risk management strategies to navigate the current market conditions.
