"Australian Dollar Forecast: AUD/USD Bears Target 0.6600 - Key Insights for Traders"

AUD/USD Bears Charge Towards 6600: Short-Term Outlook

Source: Forex Factory

Current Market Movement

• The Australian Dollar (AUD) has experienced a drop of nearly 5% from its recent highs.
• AUD/USD is nearing significant technical support levels within a monthly downtrend.

Bearish Sentiment and Targets

• Near-term sentiment remains bearish as traders focus on possible reactions as the pair approaches 6600.
• Key targets and invalidation levels have been highlighted on the short-term technical charts, essential for traders monitoring the pair's trajectory.

Technical Insights

• Recent analysis suggested a reversal off the uptrend resistance is testing trend support.
• A reaction is anticipated towards the median line, which will be crucial in determining future price movements.

Concluding Remarks

As the market closes in on the end of the month, traders should remain vigilant on updates regarding the AUD/USD, especially in light of the significant bearish pressure observed recently.