AUD/USD Price Forecast Update – November 8, 2024

The AUD/USD exchange rate is currently testing the $0.6632 level, with attempts to break below it, strengthening the outlook for a continued bearish trend in the near term. A confirmed breakdown below this level would likely propel the price towards $0.6536, the next key support target. The persistence of the bearish momentum will depend on the price remaining below $0.6691, which serves as the resistance level for the current downtrend.

For today’s trading, the expected range is between the support at $0.6590 and resistance at $0.6690.

Trend Outlook: Bearish

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