Yesterday, during the live stream, a bearish flag was identified. As the price broke out, the AUDUSD fell to reach the 0.6430 price level.
Currently, the AUDUSD has rebounded from yesterday's low, contributed by the climb on the NZDUSD and the weakness of the DXY.
Initial consideration was for the AUDUSD to rise toward the 0.65 round number resistance level, on anticipation that the DXY could continue weakening.
However, price action suggests that the AUDUSD might not sustain a break beyond the 23.60% Fibonacci retracement level.
Look for a continuation of the downtrend, especially if the DXY recovers in strength.
Currently, the AUDUSD has rebounded from yesterday's low, contributed by the climb on the NZDUSD and the weakness of the DXY.
Initial consideration was for the AUDUSD to rise toward the 0.65 round number resistance level, on anticipation that the DXY could continue weakening.
However, price action suggests that the AUDUSD might not sustain a break beyond the 23.60% Fibonacci retracement level.
Look for a continuation of the downtrend, especially if the DXY recovers in strength.
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