The AUDUSD currency pair has been on a steady upward trajectory, extending its upside movement from the 0.6457 level to reach as high as 0.6683. Traders are now eyeing the potential for further gains as the pair approaches key resistance levels.
In the near term, there is a possibility for the price to continue its ascent and test the resistance at 0.6709. A decisive breakthrough above this level could open the door for a push towards the next resistance level at 0.6817. Traders who are bullish on AUDUSD will closely monitor price action for signs of a sustained breakout above these resistance levels, which could potentially signal further upside momentum.
However, it is important to note that there is a near term support level to watch. The rising trend line on the 4-hour chart currently acts as a support for the pair. If the price were to break below this trend line, it may indicate a shift in the short-term momentum. Traders will also keep a close eye on the 0.6559 support level, as a breakdown below this level could lead to a retracement towards the previous low at 0.6457.