AUDUSD Daily Analysis – August 10, 2023

AUDUSD has been moving sideways within a trading range between 0.6496 and 0.6609.

As long as the price remains within the falling price channel on the 4-hour chart, there is an expectation for the downside move to potentially resume after the sideways consolidation. A further decline towards the 0.6450 area is possible after the consolidation phase.

The key resistance level to watch is at 0.6609. A breakout above this level would provide confirmation that the downside move has completed. In such a scenario, another rise towards the previous high around 0.6894 could potentially be seen.

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