AUD/USD Price Vulnerable Analysis: Further Downside
The currency pair AUD/USD (Australian Dollar - US Dollar) is one of the most popular ones traded globally. As it declines for a third straight day to hit a six-month low early on Thursday, AUD/USD is sitting at the bear's table. This confirms the Aussie pair's previous day's downward breach of 11-week-old support that had turned into resistance, as well as a downside beak of the 61.8% Fibonacci retracement of the quote's upward movement from October 2022 to February 2023, which are located at 0.6620 and 0.6550, respectively.
The AUD/USD price is affected by both the negative breaches of the prior major supports and the bearish MACD indications.
However, the AUD/USD bears may pause at the 61.8% Fibonacci Extension (FE) of its February-May movements, close to 0.6445, according to the practically oversold RSI (14) circumstances.
The November low of 0.6385 will be highlighted if the Australian dollar pair continues to trend down past 0.6445.
In contrast, the previously indicated Fibonacci retracement level and prior support line, which are close to 0.6550 and 0.6620 in that order, limit the AUD/USD pair's short-term rebound.
However, unless they see a clear breach of the 0.6230 resistance confluence made up of the 10-DMA and a two-week-old declining trend line, AUD/USD bulls should exercise caution.
Overall, the AUD/USD is expected to continue to fall, although the space to the south seems constrained.