AUDUSD Daily Analysis – July 21, 2023

AUDUSD continues to face selling pressure as the currency pair extends its downside move from the recent high at 0.6894, reaching as low as 0.6743. The prevailing bearish sentiment has kept the AUDUSD under pressure, and further declines are anticipated in the near term.

Downside Extension and Support Target:
The bearish trend in AUDUSD remains intact as the currency pair continues to decline, with its sights set on the next potential support level at 0.6700. A successful break below this level could pave the way for further downside momentum, with the next target located at 0.6660, a crucial level that could offer additional support.

Immediate Resistance and Potential Upside Move:
Despite the prevailing bearish pressure, AUDUSD has an immediate resistance level at 0.6846. For any potential upside correction, the bulls would need to drive the price above this resistance level. If 0.6846 is surpassed convincingly, it could trigger a temporary recovery, with the next major resistance seen at 0.6899.