AUDUSD Daily Analysis – June 29, 2023

The AUDUSD pair has encountered significant challenges in its recent price action, failing to break above the resistance of the falling trend line on the 4-hour chart. As a result, the pair has extended its downside move from the high of 0.6899 to as low as 0.6594. This failure to break above the trend line resistance suggests that the bearish pressure remains intact.

Traders are closely monitoring the price action for potential support levels as the pair continues its downward trajectory. The next target for AUDUSD lies at the 0.6550 level, followed by 0.6457. These levels may act as significant support zones, and market participants will carefully assess price movements and momentum to determine the potential for further downside.

It is worth noting that the falling trend line resistance is currently acting as a barrier for any significant upward moves. As long as the trend line resistance holds, the bias remains tilted towards the downside, and the pair could be expected to continue its decline. Traders should pay close attention to any potential breakouts or failed attempts to breach the trend line resistance, as these could provide important signals about the future direction of AUDUSD.

To indicate a potential shift in the market dynamics, a decisive breakout above the trend line resistance would be required. Such a breakout could signal a completion of the downtrend and potentially open the door for a reversal or a period of consolidation.

In summary, the AUDUSD pair has faced resistance at the falling trend line on the 4-hour chart and extended its downside move. The next targets for support lie at 0.6550 and 0.6457. The trend line resistance continues to hold, indicating the potential for further downside momentum. Traders should closely monitor price movements and breakout opportunities to gauge the pair’s future direction.