AUDUSD has been displaying a notable upside move, extending from its recent low of 0.6594 to a high of 0.6705. The pair is now facing a key resistance level at 0.6720, which could determine the next phase of its price action. A decisive break above this level has the potential to trigger further upside momentum towards the next resistance at 0.6805.
However, before reaching that resistance, AUDUSD might encounter some near-term hurdles. Immediate support is seen at 0.6640, and a breakdown below this level could temporarily halt the upward movement. In such a scenario, the pair may retest the previous support at 0.6594. A more substantial decline below this level could pave the way for a deeper pullback towards 0.6550.
Traders will be closely monitoring the price action around the resistance level at 0.6720 for confirmation of the bullish momentum. A sustained break above this level would suggest a shift in market sentiment and could attract additional buying interest. Such a development could lead to a continuation of the upward move, targeting the resistance level at 0.6805.
In conclusion, AUDUSD is currently approaching a significant resistance level at 0.6720. A break above this level could pave the way for further upside movement towards 0.6805. Immediate support is located at 0.6640, with a breakdown potentially leading to a retest of the 0.6594 support level. Traders should closely monitor the price action and adjust their trading strategies accordingly, considering key levels and fundamental factors that can impact the currency pair.