AUD/USD Price Analysis: Seems vulnerable near YTD low, bearish double-top breakdown in play – by hareshmenghani AUDUSD China Fed Technical Analysis Currencies
A softer risk tone and a modest USD strength exert heavy pressure on the risk-sensitive Aussie.Thepair continues losing ground for the fifth successive day and drops to a fresh low since November 2022, closer to mid-0.6400s during the Asian session on Monday.
From a technical perspective, a subsequent slide and acceptance below the 0.6500 psychological mark add credence to the recent breakdown through the bearish double-top neckline support near the 0.6600 horizontal level. This, along with the aforementioned fundamental backdrop, suggests that the path of least resistance for the AUD/USD pair is to the downside.
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