AUDUSD – The rebound from a new multi-week low must overcome key resistance levels to deter larger bearish trends

AUDUSD rebounded from a new six-week low in early trading on Tuesday, as bearish pressure encountered strong support at 0.6645/27 (50% retracement of 0.6348/0.6942 / 200DMA).

Recent recovery efforts are testing significant resistance at 0.6695 (100DMA / daily cloud top), and a firm breakout here is essential to alleviate downward pressure and pave the way for a potential move above the recent congestion peak at 0.6723. Breaking this level would generate an initial reversal signal through the formation of a double-bottom pattern (0.6658/50).

The technical outlook remains negative on the daily chart, with bears maintaining control as long as the price remains within the current consolidation range. The near-term risk appears tilted to the downside, suggesting a renewed test of the 0.6645/27 support levels. A violation of these pivots would expose the daily cloud base and the Fibonacci 61.8% level (0.6586/75).

Res: 0.6695; 0.6705; 0.6723; 0.6759
Sup: 0.6645; 0.6627; 0.6586; 0.6575