AUDUSD has experienced a significant break below the rising price channel on the 4-hour chart, indicating a potential shift in market sentiment. The recent break suggests that the upside move that began from 0.6594 has likely concluded at 0.6894, and bears are gaining control of the pair.
Bearish Outlook:
With the break below the rising price channel, the bearish outlook for AUDUSD has intensified. Traders are now closely monitoring price movements for additional bearish signals, which could further support the notion of a downtrend.
Next Targets at 0.6700 and 0.6660:
As AUDUSD heads lower, the next critical support levels are located at 0.6700 and 0.6660. These levels could act as potential support zones, and a decisive break below them may signal further bearish momentum, possibly leading the pair to test lower levels.
Immediate Resistance at 0.6810:
On the upside, the immediate resistance level lies at 0.6810. A break above this level might trigger a short-term recovery or a retest of the previously breached rising channel. However, considering the recent bearish momentum, traders will approach any potential rally with caution and watch for potential resistance near the previous support-turned-resistance level.
In conclusion, AUDUSD has broken below the rising price channel on the 4-hour chart, suggesting a bearish trend ahead. The next targets for the pair are located at 0.6700 and 0.6660, while immediate resistance is at 0.6810.
