The 4-hour chart for AUD/USD shows that the price failed to break above the 0.6620 resistance level and began a substantial decline as the US Dollar Index rebounded sharply from the long-term support near 96.
The pair is now approaching immediate support near the ascending broadening wedge at 0.6450. A break below this level would suggest further downside toward the 0.6380 area.
More substantial support lies at 0.6320, where a potential rebound could occur. As long as the U.S. dollar maintains bullish momentum driven by trade optimism, AUD/USD may remain under pressure unless key support levels hold. Australia’s inflation data release on Wednesday may drive the pair’s next direction.
