AUDUSD Daily Analysis – August 9, 2023

AUDUSD is contained within a falling price channel on the 4-hour chart, indicating the continuation of the downtrend from 0.6894.

With the pair remaining within this channel, there is an expectation for further decline in the coming days. The next target for the pair could be around the 0.6450 area.

Resistance is located at the top of the falling price channel. A breakout above this channel resistance would confirm that the downside move has completed. In such a scenario, another rise towards the previous high at 0.6894 could potentially be seen.

Traders should closely monitor the price action and the behavior around the falling price channel for potential breakout or reversal signals.

To summarize, the analysis suggests that AUDUSD remains within a falling price channel, indicating the continuation of the downtrend. A further decline towards the 0.6450 area is expected. A breakout above the channel resistance would suggest a potential reversal and could potentially lead to a rise towards the previous high. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.