The AUDUSD currency pair has successfully reached and exceeded our initial target at 0.6285, consolidating the bearish trend’s prevalence and paving the way for a descent towards the next objective at 0.6200.
The fact that the pair is trading below the EMA50 adds further support to the anticipated decline. However, it’s worth noting that a breach above 0.6285 may prompt the price to recover and retest the significant resistance level at 0.6400 before any potential resumption of bearish moves.
For today’s trading scope, the projected range encompasses the support at 0.6210 and the resistance at 0.6310, with the overall trend outlook for the day being bearish, following the successful attainment of the initial target at 0.6285.