The AUDUSD pair has failed to break above the resistance level at 0.6805 and has subsequently pulled back from its recent high of 0.6803. This suggests that the pair is currently in a consolidation phase for the uptrend from 0.6573.
However, there is still potential for further upside movement in the pair as long as it stays above the rising trend line on the 4-hour chart. If this support level holds, the uptrend could be expected to resume, and a breakout above 0.6805 resistance could trigger another rise towards 0.6880.
It is worth noting that a break below the rising trend line support could indicate that the upside movement from 0.6573 has completed. In this case, we could see another fall towards the key support level of 0.6570.
Traders should keep a close eye on the support and resistance levels mentioned above as they can serve as key levels for determining the pair’s next moves. In any case, caution is advised in the current market environment as volatility and uncertainty continue to dominate the currency markets.
