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AUDUSD Price Under Negative Pressure – July 2, 2024

by Jennifer

AUDUSD Price Analysis:

The AUDUSD price recently approached the barrier at $0.6700 and clearly bounced downwards, subsequently testing the $0.6640 support level. Currently, there is an attempt to break below this level, signaling potential declines in the upcoming trading sessions, with downside targets projected towards $0.6570.

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The prevailing bias for today suggests a bearish outlook, contingent upon the price confirming a break below $0.6640. Failure to secure this breakdown could prompt a recovery in the price, potentially initiating a bullish wave targeting around $0.6728.

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Expected Trading Range:

The expected trading range for today spans between support at $0.6580 and resistance at $0.6680.

Trend Forecast: Bearish

In summary, the AUDUSD pair is anticipated to face negative pressure, reflecting recent price actions and technical signals pointing towards potential declines. Traders should monitor price movements closely around key levels for confirmation of directional bias, considering both bearish continuation scenarios and potential bullish reversals.

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