AUD/USD Reverses Lower After False Breakout

The AUD/USD pair reversed course after a failed breakout above the range high, suggesting a potential start of a new downtrend.

Technical Analysis:

  • Measured Move Pattern: The pair may have formed a measured move pattern, indicating a potential downside target of 0.6709.
  • MACD Indicator: The blue Moving Average Convergence Divergence (MACD) line is approaching a crossover below the red signal line, which could signal further weakness.
  • Support Levels: A break below 0.6785 could confirm a downtrend, with potential support at 0.6709 and the 50-day Simple Moving Average (SMA).
  • Upside Potential: A break above 0.6942 could indicate a resumption of the uptrend, with potential targets at 0.6988 and 0.7156.

Overall Outlook:

The AUD/USD pair is facing downward pressure, with a potential for a new downtrend. Traders should monitor technical indicators for signs of a trend reversal.

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