The AUDUSD currency pair has continued its downward trajectory, extending its move from 0.6899 to as low as 0.6662. The prevailing bearish momentum suggests that further declines are still possible in the near term. The next target for sellers could be at 0.6640, followed by 0.6570.
As the pair remains in a downtrend, traders should exercise caution and be prepared for additional downside pressure. It is important to closely monitor price action and key levels to assess the potential direction of AUDUSD. Immediate resistance is currently observed at 0.6720. A break above this level could potentially bring the price back towards the falling trend line on the 4-hour chart. However, it is worth noting that only a clear and sustained break above the trend line resistance would signal a potential completion of the downtrend.
In summary, AUDUSD has extended its downside move from 0.6899 to 0.6662, indicating ongoing bearish momentum. Further declines are possible, with potential targets at 0.6640 and 0.6570. Immediate resistance is seen at 0.6720, and a break above this level could lead to a retracement towards the falling trend line on the 4-hour chart. Traders should remain cautious, employ effective risk management strategies, and stay informed about market dynamics when trading AUDUSD.
