AUD/USD Intraday Outlook and Analysis
The AUD/USD chart currently exhibits a bearish trend as prices are trading below the Ichimoku cloud. This implies that the currency pair could potentially experience further declines.
Upon analysis of potential price movements, it is likely that the price may continue to trend downwards towards the initial support level at 0.6559. This level is a robust overlap support and is also in line with a 61.80% Fibonacci retracement, emphasizing its significance.
If the price falls below this level, it could further decline towards the secondary support level at 0.6394, which is also a pullback support and coincides with a 78.60% Fibonacci retracement, further reinforcing its importance.
On the other hand, the primary resistance level at 0.6880 is a key level to monitor, even though it represents a pullback resistance. However, it is noteworthy that no Fibonacci retracements align with it, which diminishes its significance when compared to the support levels.
To sum up, due to the current bearish trend and position below the Ichimoku cloud, it is likely that the AUD/USD currency pair may experience continued downward pressure.