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The AUD/USD currency pair has confirmed a break below the support line of its bullish channel, reinforcing expectations of a continued bearish trend in the near term. The focus is now on achieving the anticipated target of $0.6640. Should the price break below this level, it could extend its decline towards $0.6570.
The 50-period Exponential Moving Average (EMA50) is exerting downward pressure, supporting the bearish outlook. This trend will remain valid as long as the price stays below $0.6728.
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Today’s trading range is expected to be between a support level of $0.6615 and a resistance level of $0.6715.
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Trend Forecast: Bearish
