The AUDUSD currency pair has experienced a short-term downtrend, with a recent rebound observed after touching the 0.6755 support level. The bounce occurred from a low of 0.6752, suggesting a period of consolidation for the downtrend from 0.6899.
In the near term, range trading between 0.6752 and 0.6820 is likely to be seen. Traders should monitor price action within this range for potential trading opportunities. As long as the 0.6820 resistance level remains intact, the downside move is expected to continue, with the next target located around the 0.6720 area. This area should be closely monitored as it may act as a support zone where buyers could potentially emerge.
On the upside, a breakout above the 0.6820 resistance level could trigger a further upside move towards the previous high of 0.6899. This breakout would suggest a potential shift in the short-term sentiment and could attract additional buying interest.
It is important to closely watch the price action and monitor key support and resistance levels for confirmation of market direction. The range between 0.6752 and 0.6820 should be carefully observed, as a breakout from this range could provide valuable insights into the next directional move.
In summary, AUDUSD is currently experiencing a consolidation phase within a short-term downtrend. The rebound from the 0.6752 support level suggests a period of range trading between 0.6752 and 0.6820. The downside move is expected to continue as long as the 0.6815 resistance holds, with the next target around 0.6720. However, a breakout above 0.6820 could signal a shift in sentiment and lead to a potential retest of the previous high at 0.6899. Traders are advised to closely monitor price action and key levels for trading opportunities while considering both technical and fundamental factors.
