AUDUSD Market Analysis: Navigating the Downward Trend

The AUDUSD has been experiencing an ongoing downtrend, with the potential for significant market changes in the near future.

AUDUSD 4-hour chart

Persistence of Current Downtrend

Originating from 0.6870, AUDUSD continues to remain in a downtrend. Price action within the trading range of 0.6524 and 0.6620 is believed to be an accumulation period for this continuing downtrend.

Potential Continuation Scenario on Downside

Supposing the 0.6620 resistance level maintains, we could predict a further continuation of this downside. In fact, a breakdown moving past the 0.6524 support level could likely spark another downside push towards the 0.6460 area, subsequently dropping to 0.6370.

Point of Reversal: Breaking Resistance

Conversely, should there be a breakout above the 0.6620 resistance level, it could indicate that the current downtrend has potentially concluded at 0.6524. In this scenario, the follow-up target would be positioned at the 0.6680 area.

The AUDUSD market is displaying a clear downtrend with upcoming crucial resistance and support areas that can significantly affect the market direction. Closely monitoring these key levels would help traders navigate the current downtrend and potentially predict any major changes in trend.