AUDUSD Daily Analysis – August 21, 2023

AUDUSD is remaining below a falling trend line on the 4-hour chart, suggesting that it is still in a downtrend from 0.6894. The recent decline has extended to as low as 0.6363.

As long as the trend line resistance holds, there is an expectation for the downside move to continue. The next target for the pair could be around the 0.6300 area.

On the other hand, a break above the trend line resistance would indicate a potential completion of the downside move, with the next target potentially being around the 0.6600 area.

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