AUDUSD Daily Analysis – June 23, 2023

The AUDUSD currency pair has witnessed an extended downside move, reaching as low as 0.6684. This decline suggests that the pair remains under selling pressure, and there is a possibility of further downside in the near term.

Looking ahead, the next target for AUDUSD is projected to be around the 0.6640 area. This level represents a significant support zone where buyers may attempt to halt the downward momentum and provide some temporary relief. Traders should closely monitor price action around this level for potential signs of a reversal or consolidation.

On the upside, immediate resistance is found at the falling trend line on the 4-hour chart. A break above this trend line resistance would be required to signal a potential completion of the current downtrend. Such a break could lead to a corrective move higher and potentially open the door for further upside momentum.

In summary, AUDUSD continues to experience downside pressure, and further decline towards the 0.6640 area is possible. Traders should closely watch for potential reversals or consolidation around this support level. The falling trend line on the 4-hour chart acts as immediate resistance, and a break above this trend line could indicate a shift in momentum. Stay vigilant and adapt trading strategies accordingly to navigate the evolving market conditions.