The AUDUSD currency pair has experienced an extended upside movement, reaching as high as 0.6782 from the 0.6457 level. This upward trend is anticipated to persist, with the next target set at the previous high of 0.6817.
The presence of a rising price channel on the 4-hour chart suggests a strong bullish momentum in the pair. As long as the price remains within the confines of the channel, traders can expect the upward move to continue. This provides a favorable environment for those looking to capitalize on the pair’s positive trajectory.
In terms of resistance, the AUDUSD pair will face a key hurdle at the previous high of 0.6817. A decisive breakthrough above this level would further affirm the bullish sentiment and potentially open the door for additional gains. Traders should closely monitor price action around this resistance area for potential trading opportunities.
On the downside, a breakdown below the lower boundary of the rising price channel would indicate a period of consolidation for the recent upside move. In such a scenario, support is likely to be found around the 0.6620 level, where buyers could potentially step in and provide renewed buying pressure.
To summarize, the AUDUSD currency pair has extended its upward movement, reaching as high as 0.6782. As long as the price remains within the rising price channel on the 4-hour chart, further upside momentum can be expected, with the next target set at the previous high of 0.6817. A breakdown below the channel support would indicate consolidation, with support likely at 0.6620. Traders should stay updated on market developments and employ proper risk management techniques to optimize their trading decisions.