The AUDUSD pair recently made an attempt to breach the significant support level at 0.6400, but it was unable to establish a sustained move below this point. As a result, the pair is currently range-bound between this support level and the resistance at 0.6440. This situation has led us to maintain a neutral outlook until a decisive breach of one of these levels occurs, providing clarity on the next potential direction.
It’s important to consider that breaking below the mentioned support at 0.6400 would exert downward pressure on the price, targeting the 0.6300 area as the initial downside objective. Conversely, a breach of the resistance at 0.6440 would be a key signal for a potential recovery, with an initial target around 0.6545 on a short-term basis.
Today’s expected trading range is between the support at 0.6360 and the resistance at 0.6480, reflecting the current neutral stance.