AUDUSD may bottom
Updated
The AUDUSD is facing selling pressure, currently trading quietly around the 0.630 area.
Breaking out of the descending triangle pattern has caused a significant decline in AUDUSD. Pay attention to how it declines after breaking below the previous support level at 0.616 but recovering earlier.
This setup can help traders anticipate the next move and be cautious of a potential recovery. It is expected that in the near future, AUDUSD may find support at 0.616, and this downward trend will continue until there is any catalyst to help the pair rise again.
Breaking out of the descending triangle pattern has caused a significant decline in AUDUSD. Pay attention to how it declines after breaking below the previous support level at 0.616 but recovering earlier.
This setup can help traders anticipate the next move and be cautious of a potential recovery. It is expected that in the near future, AUDUSD may find support at 0.616, and this downward trend will continue until there is any catalyst to help the pair rise again.
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