The AUDUSD pair has shown a strong rebound after breaking below a particular level and is now faced with resistance. This article considers its potential future movements.
Rebound after Breaking Below
After breaching down the 0.6524 level, AUDUSD has seen a strong return from 0.6508 and is currently facing resistance at 0.6624.
Potential Breakout and Upward Movement
A breakout above 0.6624 would suggest that the downside trend from 0.6870 has found its completion at 0.6508. Consequently, the subsequent upside movement could lead the price soaring back to around the 0.6730 area.
Immediate Support and Downward Risk
The immediate support for AUDUSD is located at 0.6560. A breach below this level could initiate another fall, potentially towards the 0.6500 mark.
In summary, following the recent rebound by AUDUSD, both potential breakouts towards the upside and risk of downward trends should be monitored closely.