AUDUSD Analysis: Breakdown and Potential Downside Movement
AUDUSD has recently broken below the 0.6584 support level, signaling that the upward movement from 0.6477 may have concluded at 0.6667.
Further decline is still possible in the upcoming days, with the next target set around 0.6535. If the price manages to break below this level, the focus could shift towards the 0.6500 area.
The initial resistance level to monitor is at 0.6585. A successful breakout above this level could potentially bring the price back towards the falling trend line on the 4-hour chart.
A breakthrough of the trend line resistance would suggest that the downward movement from 0.6667 may have concluded, with another rise towards the previous high at 0.6667 potentially in the cards.