AUDUSD’s trend has taken yet another turn with a break below a notable support level: implications for the future of the AUDUSD trading range.
Break Below the 0.6524 Support Level
AUDUSD has managed to break below the 0.6524 support level. This signifies a resumption of the downside movement that had originated from 0.6870.
Potential for Further Decline
With the above development, we can expect further decline in the following days. The subsequent target for this downward move is expected to be around the 0.6450 area.
Near-term Resistance
The immediate resistance for AUDUSD is at the 0.6530 level. Should the pair breach this level, it could push the price up towards a more distant 0.6570 level.
In conclusion, AUDUSD’s break below the 0.6524 support level signals a continuation of the downward trend, leading us to anticipate a possible further decline. However, an immediate resistance barrier at 0.6530 might stir a price reversal towards 0.6570.