TECHNICAL ANALYSIS
Looking at the daily chart, we observe that the AUDUSD pair recently broke out of its established trading range and subsequently retraced back to test the former support, now acting as resistance. This pattern resembles a classic "break and retest" scenario, suggesting potential bearish movement. In this context, sellers are advised to enter the market with a predefined risk level above the resistance, with a target set at 0.6168.On the 4-hour chart, we also note the presence of the 38.2% Fibonacci retracement level, adding further significance to the resistance area. Notably, the price has responded to this resistance with a double rejection, possibly indicating the formation of a double top pattern, which often signals a bearish outlook. However, buyers will seek confirmation of a bullish reversal by observing a price breakout above this resistance, positioning themselves for a potential rally towards the 0.6500 resistance level.Turning to the 1-hour chart, a bearish setup is indicated by the presence of a trendline. If the price breaches this trendline, it could attract additional selling pressure, potentially intensifying the bearish momentum. Conversely, buyers may rely on the same trendline for support as they position themselves for a potential upward move towards the 0.65 resistance level.
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