AUDUSD Daily Analysis – July 24, 2023

AUDUSD has sustained its downward move, extending from 0.6894 to reach as low as 0.6721.

Market analysts and traders are closely monitoring this bearish movement, with expectations of further declines in the AUDUSD pair. The next significant target is projected to be at 0.6700, followed by 0.6660, as the currency pair remains under pressure.

Traders are now eyeing the immediate resistance level at 0.6750, which could potentially provide a temporary pause or corrective move in the current downtrend. A break above this level may bring the price back towards the resistance at 0.6846, with further strength above this level potentially aiming for a retracement towards the previous high at 0.6894.

However, despite the potential for short-term rebounds, the overall trend remains bearish, and traders are cautious about the possibility of sustained upward momentum.