AUD/USD at Critical Resistance — Bearish Outlook Below 0.65381. Major Resistance Zone: 0.65380
Price is currently testing a strong horizontal resistance level at 0.65380, a level that has been tested multiple times (as shown by the pink circles).
This level has acted as a historical turning point, which increases its significance.
2. Price Structure: Lower Highs and Equal Highs
The chart reveals a potential double top or distribution pattern, forming under the 0.65380 resistance.
This suggests weakening bullish momentum and increases the probability of a bearish reversal.
3. Projected Bearish Path (White Dotted Lines):
If price fails to break above 0.65380 decisively, the expected move is a stepwise decline.
The projected path targets several support levels:
0.65003
0.64647
0.64213
0.63957
Final target: 0.63627, a key support from early May.
4. Support & Resistance Zones:
Resistance Levels:
0.65380 (Major)
0.65003
Support Levels (Sequential Targets):
0.64647
0.64213
0.63957
0.63627
5. Confluence with Fundamentals:
U.S. economic events (highlighted at the bottom with calendar icons) may act as volatility triggers, potentially accelerating this move.
✅ Summary & Trading Implications:
Bias: Bearish below 0.65380
Trade Idea: Watch for rejection at resistance or break below 0.65003 for confirmation.
Bearish Targets: Gradual move toward 0.63627 with key pauses at intermediate support levels.
Invalidation: Daily close above 0.65380 would negate the bearish setup and open potential for new highs.
