AUDUSD Daily Analysis – August 14, 2023

Once the AUDUSD currency pair reached the resistance level of the descending price channel on the 4-hour chart, it experienced a sharp decline, falling to 0.6456. The drop below the support level of 0.6496 suggests that the downward movement from 0.6894 has resumed.

Looking ahead, there is a possibility of further decline in the coming days, with the next target area being around 0.6400. Traders are closely monitoring the price action to gauge if this downward momentum will persist.

Currently, an immediate resistance level is observed at 0.6500. Only a breakthrough above this level could potentially trigger another upward movement, with a target towards the top of the falling price channel.

Market participants recognize the importance of these key levels in the AUDUSD pair. A decisive break below 0.6400 or a break above 0.6500 would offer valuable insights into the future direction of the currency pair.