AUD/USD Daily Report

[TITLE>AUD/USD Under Pressure: Bearish Momentum Points to 0.6756 Support TargetThe Australian dollar weakened against the US dollar on Friday, extending its decline below the 0.6881 level. The currency is now tracking toward the 0.6832 support area following a drop from this week’s high of 0.7277. A decisive break below 0.6832 would signal further losses toward the 0.6756 fibonacci support level, representing the 38.2% retracement of the rally from 0.5913 to 0.7277.

The broader downtrend remains intact despite the recent bearish divergence observed in the MACD indicator. A medium-term peak may be forming around 0.7277, particularly after the currency failed to maintain momentum above the 61.8% retracement of the 0.8006 (2021 high) to 0.5913 (2024 low) move, currently positioned at 0.7206. While the path lower looks likely, the 0.6756 level should act as a significant support zone and potentially mark the end of the current correction phase. Moving forward, the AUD/USD pair is expected to remain capped below 0.7277, with any recovery attempts likely meeting resistance at the now-revised defensive level.

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