AUDUSD Price Action Analysis: Key Levels To Watch!

AUD/USD 1H Chart Analysis

Key Levels to Watch:
- Resistance Area (0.63306 - 0.63437): Price is currently rejecting this supply zone, indicating potential selling pressure.
- Support Area (0.62730 - 0.63018): This demand zone has previously led to price reversals, making it a key level for potential buying opportunities.

Possible Scenarios:

1. If price continues to reject the resistance area, a move toward the support area is likely.
2. A break above resistance could trigger bullish momentum, pushing the price higher.
3. A bounce from the support zone may provide a buying opportunity for a potential retest of resistance.

Conclusion:

Traders should watch for confirmation of rejection or breakout at the resistance area. A short-term bearish move toward support seems likely unless buyers regain strength.

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