AUDUSD Daily Analysis – June 20, 2023

The AUDUSD currency pair experienced a significant development as it broke below the rising price channel on the 4-hour chart. This breach suggests that the upside move from 0.6457 has potentially completed at the recent high of 0.6899. Traders should be aware of the implications of this breakdown and adjust their trading strategies accordingly.

Following the breakdown, a deeper decline could be expected for AUDUSD in the near term. The next target for potential support lies at 0.6755, which is an important level to monitor. A breach below this support level may expose the currency pair to further downside momentum, with the next target around 0.6720.

It is crucial for traders to exercise caution and closely observe price action in the coming sessions. The breakdown of the rising price channel suggests a potential shift in market sentiment, and traders should consider this when evaluating trading opportunities.

On the upside, immediate resistance is now located at 0.6840. To validate a potential continuation of the uptrend, a clear break above this level would be required. Such a breakout could open the door for another rise towards the previous high at 0.6899.

In summary, AUDUSD has broken below the rising price channel on the 4-hour chart, indicating that the previous upside move from 0.6457 may have concluded at 0.6899. Traders should be prepared for a potential deeper decline, with the next target at 0.6755. A breach below this support level could lead to further downside towards 0.6720. Immediate resistance is at 0.6840, and a break above this level would be required to suggest another potential rise. Traders should remain vigilant, adapt their strategies to the evolving market conditions, and consider incorporating both technical and fundamental analysis for informed decision-making.