AUDUSD: Examining Key Historical Support Leve
The decline of the Australian dollar against the U.S. dollar was addressed in the previous analysis. However, the situation for this pair remains critical, and further declines are not unexpected. As shown on the chart, the next key support is at 0.6169. Yet, it seems likely that the pair may fall further, potentially rebounding from around 0.6, a historical demand zone.
If the 0.6169 support is broken, a deeper drop can be anticipated. But when can we be confident that the decline has ended? A positive reaction to the 0.6169 support, combined with a break of the downward trendline, could encourage buying this pair.
If the 0.6169 support is broken, a deeper drop can be anticipated. But when can we be confident that the decline has ended? A positive reaction to the 0.6169 support, combined with a break of the downward trendline, could encourage buying this pair.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.