AUDUSD has been on the rise, extending its gains from recent lows. This analysis examines the technical situation and explores potential scenarios for the currency pair.
AUDUSD Stages Rally:
- Upside Momentum Builds: AUDUSD has built on its upward momentum, reaching a high of 0.6586. This move extends the rally that began at 0.6361.
Upside Targets in Focus:
- Further Appreciation Likely: If the uptrend persists, the next potential target zone to watch could be around the 0.6630 area.
Support Levels to Consider:
- Initial Support at 0.6515: The first level of support to monitor is at 0.6515. A minor pullback could see the price retest this level.
- Breakdown Levels: A more significant decline would be a break below 0.6480. This break could signal a completion of the current uptrend.
- Downturn Risk: If the uptrend falters, further declines could be seen. A break below 0.6480 would open the door for a test of the 0.6440 area, followed by the critical support level at 0.6360. A decisive break below 0.6360 would suggest a potential reversal of the recent uptrend.
Overall Sentiment:
The technical outlook for AUDUSD is positive in the short term. The recent rally suggests a potential uptrend. However, close monitoring of the price action around the support levels is crucial to see if the uptrend can hold or if a correction unfolds.