AUDUSD Daily Analysis – August 3, 2023

AUDUSD has extended its downward movement from 0.6894, reaching as low as 0.6526.

The analysis suggests that further decline is possible after a minor consolidation, with the next potential target area being around 0.6450.

Immediate resistance can be observed at 0.6570. A break above this level could potentially lead to a retracement towards the 0.6630 area.

Traders should closely monitor the price action and any potential consolidation patterns for signs of a continuation of the downtrend or a potential reversal.

In summary, the recent analysis indicates that AUDUSD has experienced a decline with potential further downside movement. Traders should keep an eye on the immediate resistance level at 0.6570 and monitor for any potential breakouts or reversal signals in order to assess the next moves in the market.