Watch AUDUSD for Potential Drop Below $0.657

FxNews—The Australian dollar trades bearish in the channel and below the 100-period SMA against the U.S. Dollar. As of this writing, the AUD/USD pair trades at approximately $0.649, testing the 50-SMA as active support.

AUDUSD Technical Analysis - 25-November-2024
AUDUSD Technical Analysis – 25-November-2024

AUDUSD Technical Analysis

The immediate resistance is at the 78.6% Fibonacci retracement level ($0.674). From a technical perspective, the downtrend will likely resume if bears push AUD/USD prices below $0.657.

In this scenario, the next bearish target could be visiting the November 14 low at $0.641.

The Bullish Outlook

AUDUSD Bullish Outlook - 25-November-2024
AUDUSD Bullish Outlook – 25-November-2024

Please note that the bearish outlook should be invalidated if AUD/USD prices exceed the immediate resistance at $0.654. If this scenario unfolds, the bullish wave that began mid-November could extend to the next resistance level at $0.66.

  • Support: 0.649 / 0.644 / 0.641
  • Resistance: 0.654 / 0.66 / 0.664

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