FX.co ★ AUD/USD, H4 | Reacted off the descending trendline?

The AUD/USD chart is currently displaying a strong bearish momentum, with the price trading below a significant descending trend line, indicating a likelihood of further downside movement. A bearish continuation towards the first support level at 0.6593 is possible, which is a pullback support level that coincides with a 61.80% Fibonacci retracement, making it a crucial level to monitor. In the event that the price breaches this level, the second support at 0.6567, which is also a multi-swing low support level, becomes the next support to watch.

On the upside, the first resistance level is at 0.6694, which is an overlap resistance level. If the price manages to break above this level, it could potentially move towards the second resistance level at 0.6753, which is a swing high resistance level.