The USD is exhibiting notable strength while the AUD continues to decline sharply. The presence of a Death Cross pattern—a classic bearish signal—underscores the prevailing downward momentum. This occurs when a short-term moving average crosses below a long-term moving average, signaling sustained selling pressure.
Despite the strong bearish trend, oversold conditions often attract short-term buyers. As a result, we observed a retest of immediate resistance near the 23% Fibonacci retracement level. This pullback is expected to extend further upward, potentially revisiting the 0.6533 zone, which corresponds to the critical 38% Fibonacci retracement.
For traders looking to align with the broader downtrend, this higher level could present an optimal entry point, offering improved risk-to-reward opportunities. Monitoring price action around these resistance levels is key, as it provides insight into whether bearish momentum will resume after the retracement concludes.
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