AUDUSD Daily Analysis – August 2, 2023

AUDUSD has breached the support level at 0.6622 and is currently approaching the next support level at 0.6594.

If the price breaks below this level, it could potentially trigger further downside movement towards 0.6550, followed by 0.6450.

On the other hand, resistance can be found at 0.6700. A break above this level could potentially lead to a retracement towards the falling trend line on the 4-hour chart.

To signal a possible completion of the downtrend, a break above the resistance of the trend line would be required.

In summary, AUDUSD has broken below the support level and is now targeting the next support level. Traders should monitor the price’s behavior around the 0.6594 level for potential downside continuation. Conversely, breaking above the resistance at 0.6700 and the trend line resistance could indicate a shift in the market sentiment and completion of the downtrend.