AUDUSD attempted to break above the key resistance level
The AUD/USD pair recently attempted to break above the key resistance level at 0.6520, but this move appears to have been a false breakout. Following a period of consolidation below resistance, the pair is showing signs of renewed bearish momentum.
From a fundamental perspective, the recent interest rate cuts by the Reserve Bank of New Zealand may have contributed to increased downside pressure on the Australian dollar, strengthening the bearish outlook.
Technical Outlook:
Price is currently trading below the critical resistance zone near 0.6520, confirming sellers are in control Failure to sustain gains above this level suggests a potential continuation of the downtrend If bearish momentum holds, the pair is expected to decline towards the next support level around 0.6450.
You may find more details in the chart.
Trade wisely best of Luck.
Ps; Support with like and comments for better analysis Thanks for Supporting.
From a fundamental perspective, the recent interest rate cuts by the Reserve Bank of New Zealand may have contributed to increased downside pressure on the Australian dollar, strengthening the bearish outlook.
Technical Outlook:
Price is currently trading below the critical resistance zone near 0.6520, confirming sellers are in control Failure to sustain gains above this level suggests a potential continuation of the downtrend If bearish momentum holds, the pair is expected to decline towards the next support level around 0.6450.
You may find more details in the chart.
Trade wisely best of Luck.
Ps; Support with like and comments for better analysis Thanks for Supporting.
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Join My telegram Channel
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Free Forex Signals
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.