AUDUSD is in a downtrend from 0.6894, and the recent bounce from 0.6513 could be seen as a consolidation phase within this downtrend.
It is likely that the price will range trade between 0.6513 and 0.6620 for a couple of days as part of the consolidation.
As long as the resistance at 0.6620 holds, it is reasonable to expect the downside move to resume, with another potential fall towards 0.6450 after the consolidation.
On the upside, a breakout above the resistance level at 0.6620 could potentially lead the price back towards the falling trend line on the 4-hour chart. A decisive break above the trend line resistance would be necessary to signal a possible completion of the downtrend.
In summary, the analysis suggests that AUDUSD remains in a downtrend, with expectations of range trading in the short term between 0.6513 and 0.6620. Traders should monitor the price’s behavior around these key levels for potential breakout or reversal signals to assess the next potential moves in the market.
