The AUDUSD currency pair has made a significant breakthrough, surpassing the key resistance level at 0.6800. This breakout suggests that another upward move is underway, with the pair potentially targeting the falling trend line on the weekly chart. If the trend line resistance is breached, it would indicate a potential completion of the long-term downtrend from 0.8006, opening the door for further gains.
With the breakout above 0.6800, the AUDUSD pair has signaled a shift in momentum and a potential reversal of the long-term downtrend. Traders can anticipate a continued upward movement, with the next major targets located at 0.7661, followed by 0.8006. These levels could provide resistance and may be areas where sellers could potentially enter the market. However, if the bullish momentum remains strong, they could be overcome.
In terms of support levels, the immediate support is identified at 0.6457. This level has been a crucial support area throughout recent price action, and a break below it could trigger another downside move towards the previous low at 0.6170. Traders should closely monitor price developments around this support level for potential shifts in market sentiment.
In conclusion, the AUDUSD currency pair has broken above the key resistance level at 0.6800, indicating the potential for further upside movement. A breakout of the falling trend line on the weekly chart would suggest a completion of the long-term downtrend and open the possibility for higher targets at 0.7661 and 0.8006. Traders should monitor the support level at 0.6457, as a break below it could lead to a retest of the previous low at 0.6170.
