AUDUSD has been on a downward trend since July 15, with the bears breaking through the key support level of 0.6690. The pair is now back within a range that it has been trading in between May 3 and July 3. As long as AUDUSD remains within this range, the outlook is considered neutral.
The Relative Strength Index (RSI) is below 50 and pointing downwards, indicating further potential declines. The Moving Average Convergence Divergence (MACD) is slightly positive but running below its trigger line, supporting the idea of continued downward movement. A dip below 0.6575 could signal larger bearish implications, attracting more sellers into the market.
On the other hand, a rebound above 0.6690 could attract more buyers and potentially lead to an upward movement towards the high of July 18 at 0.6743. Breaking through this level could result in further gains towards the peak of July 11 at 0.6800.
In summary, AUDUSD is currently trading within a range between 0.6575 and 0.6690. To establish a bearish outlook, the price would need to fall below the lower end of the range. Traders should keep an eye on key support and resistance levels for potential trading opportunities.
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