Analysis of AUD/USD Performance Current Situation As of yesterday, the AUD/USD pair tested the local support level at 0.66488 before bouncing back, forming an indecision candle with a slight bearish bias. At this moment, I don't find anything particularly interesting regarding this instrument. I suspect that sellers will attempt to retest the designated support level at 0.66347 again today.
Potential Scenarios Scenario 1: Bullish Reversal The first scenario involves the formation of a reversal candle near the support level, which would lead to an upward movement in price. Should this scenario unfold, I will wait for the price to make its way towards the resistance level at 0.67289. If the price closes above this resistance level, I would then anticipate a further upward movement that could reach the next resistance level at 0.68711. At this upper resistance level, I will be observing for a trading setup that can help determine the next trading direction. It is important to note that while the price moves toward the specified northern target, there may be pullbacks to the south. I will utilize these pullbacks to look for bullish signals near nearby support levels, expecting the price to resume its upward movement within a bullish trend formation.
Scenario 2: Bearish Continuation The second scenario entails the price consolidating below the support level at 0.66347 after testing it, leading to a continued southward movement. If this scenario takes place, I would expect the price to move towards the support level at 0.65794 or further down to 0.65580. Near these support levels, I will search for bullish signals, hoping for a resumption in upward movement.
Long-Term Outlook While it is possible for there to be further targets to the south, I am not considering those at the moment as I don’t see a quick realization potential for such targets. In summary, I find today to be relatively uninteresting locally. Overall, I am oriented towards a resumption of a global northward movement, hence I will be on the lookout for bullish signals that may emerge near nearby support levels.
