FX.co ★ torp.paris | AUD/USD

Regarding AUD/USD, yesterday the price was being pushed confidently to the upside but failed to reach the nearest resistance level at 0.65530. Instead, the price reversed, forming a bearish engulfing candle by the end of the day. It is quite possible that today we might see a corrective pullback towards the nearest support level, which I have identified at 0.64809. Near this support level, two scenarios could unfold. The first scenario involves the price consolidating below this level and continuing its bearish movement. If this scenario plays out, I will anticipate the price moving towards the support level at 0.63623 or the support level at 0.63386. If the price remains below these support levels, I will expect further bearish movement towards the support level at 0.62856. At this support level, I will wait for a trading setup to form, which will help determine the next trading direction. Of course, I acknowledge that during the descent towards the mentioned southern target, there might be temporary bullish retracements, which I plan to use to search for bearish signals from nearby resistance levels, in anticipation of the price resuming its downward movement. An alternative scenario when approaching the support level at 0.64809 would be a reversal candle formation leading to a continuation of the upward price movement. If this scenario unfolds, I will expect the price to move towards the resistance level at 0.65530. Near this resistance level, I will wait for a trading setup to form, which will help determine the next trading direction. There is also a possibility of reaching more distant northern targets, but I am not considering it at the moment as I do not see immediate prospects for its realization. In summary, for today, I anticipate the price to potentially test the nearest support level, and from there, I will assess the market conditions.