The AUDUSD pair has experienced a significant downside move, extending from 0.6894 to as low as 0.6622.
As long as the price remains below the falling trend line on the 4-hour chart, there is a strong indication that the downside move will continue. Traders can anticipate the next potential target at the 0.6594 support level. This critical level will be closely monitored for any potential rebounds or further bearish movements.
Currently, immediate resistance for AUDUSD is observed at 0.6685. A break above this resistance level might lead to a retracement back towards the falling trend line on the 4-hour chart. However, unless the price manages to break above the trend line and sustain upward momentum, the overall downtrend remains intact.
In conclusion, the AUDUSD pair continues its downward trajectory, with the next potential target at 0.6594 support. As long as the price remains below the falling trend line on the 4-hour chart, the downtrend is expected to persist. Traders are advised to closely monitor price action and key levels to make informed trading decisions in the ever-changing forex market.
