The AUDUSD currency pair has continued its downward movement, reaching as low as 0.6527 in recent trading sessions. The prevailing bearish sentiment suggests that further decline could be on the horizon, with the next target seen at 0.6500, followed by 0.6280.
Market participants should closely monitor the price action as AUDUSD approaches these lower targets. A breakthrough of the 0.6500 support level could pave the way for additional downside movement, potentially extending towards the 0.6280 level. Traders should exercise caution and remain vigilant in light of the ongoing bearish pressure.
In terms of resistance levels, AUDUSD faces immediate resistance at 0.6585. A break above this level would indicate a potential shift in the current downtrend. However, traders should note that a more significant resistance hurdle lies ahead in the form of the falling trend line on the 4-hour chart. Only a decisive breakthrough above these resistance levels would provide a stronger signal of a potential trend reversal and completion of the downtrend.
In conclusion, AUDUSD has extended its downward movement, with the next targets at 0.6500 and 0.6280. Traders should closely monitor the price action as the pair approaches these lower targets. Resistance levels at 0.6585 and the falling trend line on the 4-hour chart should also be monitored for potential signs of a trend reversal. Staying informed and implementing effective risk management strategies are key to successful trading in the AUDUSD market.