AUDUSD Daily Analysis – June 7, 2023

The AUDUSD currency pair is currently approaching a critical resistance level at 0.6709. A decisive breakout above this level could potentially trigger a further upside move, with the next target being the resistance at 0.6817.

In the near term, traders should keep an eye on the lower border of the rising price channel on the 4-hour chart, which is currently acting as support. As long as this support level holds, the overall bullish bias remains intact, and the price could potentially resume its upward trajectory.

However, a breakdown below the channel support would indicate a potential shift in sentiment. In such a scenario, the price may retrace towards the next support level at 0.6559. A further decline below 0.6559 would then target the previous low at 0.6457.

To summarize, AUDUSD is approaching a key resistance level at 0.6709, with a breakout potentially leading to further gains towards 0.6817. The lower border of the rising price channel provides immediate support. A breakdown below the channel support would shift the bias and target lower support levels. Traders should combine technical analysis, monitor fundamental factors, and employ effective risk management techniques to navigate AUDUSD’s price movements successfully.