AUDUSD Analysis – April 29, 2023

AUDUSD is currently facing the support level at 0.6563. If the price breaks down below this level, it could signal a resumption of the downtrend from the February 2023 high of 0.7157.

The next target for AUDUSD in the event of a breakdown below the support level of 0.6563 would be around the 0.6400 area.

In terms of resistance levels, the near-term resistance for AUDUSD is at 0.6680. If the price manages to break above this level, it could bring the price back up to test the 0.6805 resistance level.

If the price does manage to break above the 0.6805 resistance level, it could suggest a potential reversal of the downtrend and a shift towards a bullish trend.