AUDUSD Daily Analysis – August 24, 2023

AUDUSD has made a significant move by breaking above the resistance of the falling trend line on the 4-hour chart. This breakout indicates that the previous downward move from 0.6894 to 0.6363 has potentially concluded.

With the breakout signaling a potential reversal in the pair’s direction, a further rally is expected in the coming days. The next target for AUDUSD would be around the 0.6600 area. Traders should monitor the price action to gauge the strength and sustainability of the upward move.

Immediate support for the pair is situated at 0.6405. It is crucial for AUDUSD to maintain above this level to sustain the bullish momentum. Only a break below this support level could trigger another decline towards 0.6300.

In summary, the breakout above the falling trend line suggests a reversal in the downward move for AUDUSD. Traders should monitor price action for confirmation of a sustained rally, with the next target at 0.6600. However, the support at 0.6405 should hold to maintain the bullish outlook.