AUD/USD Technical Analysis Insights: Banks Signal Continued Downward Pressure

Monday, 14 October 2024, 03:31

AUD/USD is facing downward pressures according to recent technical analysis, indicating a likely trading range of 0.6710/0.6760. This analysis suggests the Australian Dollar's long-term bias remains negative, with a pivotal point at 0.6700 marking potential further declines.
Fxstreet
AUD/USD Technical Analysis Insights: Banks Signal Continued Downward Pressure

AUD/USD Trading Range Analysis

The recent fluctuations in the AUD/USD pair point to a sideways trading range between 0.6710 and 0.6760. Technical indicators reveal that, without a strong reversal, the Australian Dollar is poised for more declines.

Long-Term Bias for AUD

Analysis from major banks indicates that the AUD's bias remains on the downside. A break below 0.6700 could result in significant shifts in the currency pair, highlighting the bearish sentiment among traders.

  • Current Range: 0.6710 - 0.6760
  • Key Support Level: 0.6700
  • Implications of Breakouts

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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