The AUDUSD pair commences the trading day on a positive note, aiming to breach the critical 0.6500 level. This development urges caution among traders, as a confirmed breach could initiate a bullish wave, targeting testing the 0.6570 areas primarily.
However, it is imperative to note that the bearish trend scenario remains valid as long as the price holds below the 0.6500 level. The broader outlook underscores a bearish trajectory, with the next downside target positioned at 0.6410.
Market participants are advised to monitor the price action around the pivotal 0.6500 level, as a sustained breach would signify a potential shift in sentiment towards a bullish trend. Conversely, maintaining the price below 0.6500 would reinforce the prevailing bearish bias.
The anticipated trading range for the day is expected to oscillate between the support level at 0.6450 and the resistance at 0.6540. The current trend for the day is cautiously labeled as bearish, contingent upon the critical breach or rejection at the 0.6500 level.