AUDUSD Analysis – September 12, 2023

AUD/USD recently experienced a breakdown below the 0.6363 support level. However, the currency pair rebounded from 0.6356 and reached as high as 0.6449.

Based on this rebound, it is likely that a further rally could occur in the coming days, with the next target set at the resistance level of 0.6521.

In terms of immediate support, it can be identified at the 0.6400 level. Only a break below this level would potentially trigger another downward move, with a potential target around 0.6300.

To make informed trading decisions in AUD/USD, closely monitor the price action and the behavior around the recent rebound. Pay attention to the potential continuation of the rally towards the resistance level and the possibility of a breakdown below the immediate support level. These levels will provide important clues regarding the strength of the upward momentum or the potential for further downside in AUD/USD.