AUD/USD Resistance Rejection and Bearish Outlook

AUD/USD represents the Australian Dollar against the US Dollar in the forex market. The current price is 0.62300, with a target price of 0.60000, indicating a bearish outlook. The expected price drop suggests a potential gain of 200+ pips if the trade moves as anticipated. The analysis is based on the support and resistance pattern, a key concept in technical trading. The price has reached a strong resistance level and is facing rejection, signaling selling pressure. A rejection at resistance often indicates a shift in momentum, leading to a possible downward move. Traders anticipate the price to decline toward the next support level at 0.60000. This setup suggests bearish dominance as long as resistance holds. If the price fails to break above resistance, further downside movement is likely. Proper risk management is crucial, as market conditions can change.