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The AUDUSD is down for the third time in four trading days after peaking near the falling 100-day moving average at 0.6407. Today’s decline has been volatile, with initial support holding near a key swing area between 0.6287 and 0.6301. However, after an attempted rebound, sellers quickly regained control.
The bounce saw the pair rise to another resistance zone between 0.6327 and 0.6336, but buying momentum faded, leading to a renewed push lower. As the trading session nears its close, AUDUSD is hovering just below the 0.6300 level, showing continued bearish pressure.
Looking ahead, a break below 0.6285—marked by the swing area and the 38.2% retracement of February’s trading range—could open the door for further downside. If sellers gain momentum, the 50% midpoint at 0.6247 would become the next key target.
On the flip side, if buyers defend the 0.6285 level, it could act as a turning point. Holding above this zone may spark a recovery, signaling that the recent pullback was just a standard correction rather than the start of a more significant decline.