The AUDUSD pair has remained below a significant falling trend line on the 4-hour chart, affirming its current downtrend originating from the 0.6899 level. As long as the resistance offered by the trend line remains intact, traders can anticipate the continuation of the downside move in the pair.
Market participants are closely observing the next target level for AUDUSD, which is set at 0.6550. This level is expected to act as a significant support area, and a breach below it could potentially trigger additional selling pressure. Should the downward momentum persist, the pair could then target the 0.6457 level as the subsequent objective.
On the upside, a break above the trend line resistance would be a crucial development to monitor. Such a move could potentially lead to a retest of the key resistance at 0.6720. A successful breach above this level might signal the completion of the downtrend and could prompt a shift in market sentiment.
In conclusion, AUDUSD continues to exhibit a downtrend, with further decline expected in the near term. The next target level for the pair is identified at 0.6550, with 0.6457 serving as a subsequent objective. The falling trend line on the 4-hour chart acts as a notable resistance, and a breakthrough would be required to challenge the key resistance at 0.6720. Traders should remain vigilant, monitor market conditions, and adjust their strategies accordingly to navigate the evolving landscape of AUDUSD.
