Australian Dollar Forecast: AUD/USD Takes on Trendline Resistance. What’s Next?

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Australian Dollar Forecast: AUD/USD Takes on Trendline Resistance. What’s Next?
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This article focuses on AUD/USD’s near-term outlook from a technical standpoint, dissecting vital price levels that might function as resistance or support in the coming trading sessions.

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Market sentiment has improved in recent days, allowing AUD/USD to make a moderate turnaround from the middle of last week, when it briefly hit its lowest level since November last year.

On the flip side, should sellers reemerge and initiate a bearish reversal from current levels, the first relevant support area rests around 0.6350. AUD/USD may find stability around this floor during a pullback before bouncing back, but in the case of a breakdown, downward pressure could intensify, laying the groundwork for a descent towards the 2023 lows a touch below 0.6300.

Eager to gain insights into AUD/USD's future path? Secure your Q4 trading forecast, offering an in-depth technical and fundamental analysis of the Australian dollar!Discover the power of crowd mentality. Download our free sentiment guide to understand how changes in AUD/USD's positioning can act as a key technical indicator of upcoming price movements.

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