The AUDUSD currency pair has been in an uptrend since Apr 28, but recent price action has shown signs of weakness. After touching resistance at 0.6805, the pair pulled back from 0.6817 and broke below the rising trend line on the 4-hour chart. This indicates that the uptrend from the low of 0.6573 may have come to an end.
The next possible target for AUDUSD is at the 0.6640 area, where the price may find support. If the support holds, the pair may see some consolidation before attempting another upside move. On the other hand, if the support at 0.6640 is breached, further decline towards the next support level at 0.6573 may be expected.
Resistance is currently at 0.6817, and only a break above this level could trigger another rise towards 0.6880. However, given the recent weakness in the pair, it may take some time for it to break through this resistance level.
Overall, the outlook for AUDUSD remains bearish in the short term, but a longer-term uptrend may still be in play. Traders should monitor price action carefully to determine whether the current weakness is a temporary pullback or the start of a more significant trend reversal.
