AUDUSD Daily Analysis – August 31, 2023

AUD/USD has made a significant breakthrough by surpassing the 0.6487 resistance level. This breakout indicates that the previous downward movement from 0.6894 to 0.6363 has likely concluded. As a result, it is likely to see a further rally in the coming days, with the next target set around the 0.6600 area.

For immediate support, traders should keep a close eye on the level at 0.6445. Only if there is a breakdown below this level, it could potentially trigger another downward move and a test of the 0.6363 support level.

Monitoring the price action in AUD/USD, particularly in relation to the immediate support and resistance levels mentioned, will be crucial in assessing the continuation or potential reversal of the current upward momentum.