AUD can fall towards 0.6360/0.6340 – BBH

AUD/USD has formed an interim trough near 0.6440 last week and has staged an initial bounce, BBH analyst note.

Recent pivot high at 0.6630/0.6685 is key resistance zone

“Daily MACD is attempting cross above its trigger line denoting receding downward momentum. Ongoing bounce could persist towards upper band of a steep descending channel at 0.6590.”

“The 200-DMA and recent pivot high at 0.6630/0.6685 is key resistance zone. In case the pair fails to hold 0.6440, the decline could extend towards ascending trend line drawn since October 2023 near 0.6360/0.6340.”