AUDUSD Daily Analysis – June 1, 2023

The AUDUSD currency pair has experienced an extended downward movement, reaching as low as 0.6457 from its recent peak at 0.6817. The pair remains under pressure, and market participants are closely monitoring its trajectory for potential further declines.

As long as the resistance level at 0.6559 holds, the bearish momentum is expected to persist, with the next target for sellers situated around the 0.6400 area. The ongoing downside move suggests that sellers have the upper hand, as the pair continues to trade below key resistance levels.

On the upside, a break above the 0.6559 resistance level would offer a glimmer of hope for buyers. Such a breakout could lead to a potential retracement towards the falling trend line observed on the 4-hour chart. However, only a decisive move beyond the trend line resistance would signal a possible completion of the downtrend that initiated from 0.6817.

Traders and investors should closely monitor price action and the behavior of AUDUSD around the key resistance level and the falling trend line. These technical levels will provide valuable insights into the pair’s future direction.