AUD/USD Bearish Reversal Setup — Resistance Rejection & Downside

Resistance Level: Marked near 0.65848, acting as a potential reversal zone.

Current Price: Around 0.65490 at the time of the chart.

Indicators:

EMA 50 (red) and EMA 200 (blue) are shown — price is currently above both EMAs, indicating recent bullish momentum.

RSI: Around 59.78, suggesting it’s approaching overbought territory but not extremely so.

Projected Move:

The drawn path suggests the pair may retest the resistance area (0.65635–0.65848), fail to break above, and then reverse sharply downward.

First Target: Around 0.64723, which is just above the EMA 200 level — a common support area.

Second Target: Around 0.63672, which implies a deeper bearish extension if the first support breaks.

Overall Idea:

The analysis expects a short-term bullish push to resistance, followed by a reversal and a significant drop.

It combines resistance rejection, EMA dynamic support zones, and bearish RSI divergence potential.

Bias: Bearish below the resistance area. Confirmation would come with bearish candlestick patterns or momentum breakdowns below the EMAs