AUDUSD Analysis – October 3, 2023

AUD/USD is currently approaching the key support level at 0.6330. If the price breaks below this level, it could initiate further downside momentum towards 0.6290, with the next support area being around 0.6220.

Conversely, in the event of a rebound, immediate resistance is expected at 0.7375. A decisive breakout above this level might lead to a recovery towards the next resistance level at 0.6521.

Traders should closely monitor the price action near the support and resistance levels mentioned above. Additional technical indicators or tools can be used to confirm potential breakout or reversal signals. Implementing effective risk management strategies is crucial to protect against potential losses and adapt to changing market conditions. Stay updated with the latest news and events that could impact the AUD/USD pair.