The AUDUSD currency pair has shown remarkable strength, extending its upward move from 0.6457 to reach as high as 0.6835, surpassing the key resistance level at 0.6817. This breakthrough signifies a continuation of the bullish trend and has ignited optimism among traders, who anticipate further gains in the near future. As long as the price remains within the rising price channel on the 4-hour chart, the bias is inclined towards the upside, with the next target projected around the 0.6880 area.
The breakout above the 0.6817 resistance level confirms the growing dominance of buyers in the AUDUSD pair, underlining their control over the market sentiment. This breach has opened doors for potential further upward momentum, as traders capitalize on the ongoing bullish trend. The presence of the rising price channel on the 4-hour chart adds to the confidence in the bullish bias and strengthens the expectation of continued upward movement.
Key support is currently established at 0.6755, and it plays a critical role in sustaining the bullish outlook. As long as the price remains above this level, the upward move is expected to persist. However, a decisive breakdown below 0.6755 would indicate a corrective consolidation phase within the uptrend, potentially leading to a retracement towards the support area around 0.6670.
Traders are advised to closely monitor the price action and the behavior of the AUDUSD pair around the key support and resistance levels. A sustained move above the recent high at 0.6835 would further validate the bullish outlook, signaling the potential for an extended rally towards the 0.6880 area. Conversely, a break below the 0.6755 support level may raise concerns and prompt a reassessment of the prevailing trend.
In conclusion, the AUDUSD pair has extended its upward move, breaking above the 0.6817 resistance level. This breakout indicates a continuation of the bullish trend, with the next target projected around the 0.6880 area. The presence of the rising price channel on the 4-hour chart reinforces the bullish bias. Traders should closely monitor the key support level at 0.6755 for any signs of a potential reversal. As the AUDUSD pair maintains its upward momentum, traders are advised to adapt their strategies accordingly and stay informed about market developments and news that may influence the currency pair.