Technical Analysis: The AUD/USD is in a clear downtrend, with price trading below the 50 and 200 EMAs. Key support is at 0.6550, and resistance is around 0.6600. The Squeeze Momentum (SQZMOM) indicator shows red bars, signaling continued selling pressure, aligning with the overall bearish sentiment.
Fundamental Analysis: Strong U.S. GDP growth of 2.8% contrasts with weaker Australian fundamentals impacted by reduced Chinese demand, adding pressure on the AUD.
Trade Plan:
• Entry: Short near 0.6580-0.6590 • Stop-Loss: 0.6610 • Target: 0.6500