AUDUSD Daily Analysis – August 7, 2023

AUDUSD is in a downtrend from 0.6894, and the price action from 0.6513 can be seen as consolidation within this downtrend.

It is likely that the pair will engage in range trading between the support at 0.6513 and the resistance at 0.6620 for the next couple of days.

As long as the resistance at 0.6620 holds, there is an expectation for the downside move to resume. After the consolidation, another potential fall towards 0.6450 could be seen.

On the upside, a breakout above the resistance level at 0.6620 may bring 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 suggest a possible completion of the downtrend.

Traders should closely monitor the price action around these key levels and watch for potential breakout or reversal signals.

In summary, the analysis indicates that AUDUSD is currently consolidating within a downtrend. Range trading between 0.6513 and 0.6620 is expected, with further downside potential if the resistance holds. A breakout above the resistance could lead to a retest of the falling trend line. Traders should be mindful of these levels and observe price action for potential trading opportunities.