AUDUSD has experienced a significant development as it broke above the falling trend line on the 4-hour chart. This breakout suggests a potential further rise in the currency pair, with the next target being the 0.6720 resistance level. Traders will closely monitor price action around this level for confirmation of a sustained upward move.
The recent breakout above the trend line indicates that the previous downside move from 0.6899 may have completed at the low of 0.6594. If the price manages to surpass the 0.6720 resistance level, it would provide further confirmation of the completion of the downward move. In such a scenario, traders may expect the pair to target the 0.6805 level, followed by the 0.6899 previous high as the next significant levels to overcome.
Support for AUDUSD currently rests at 0.6594, which held as the recent low. A break below this support level could potentially trigger another downward move, with the next target being the 0.6550 level. Traders will closely monitor price action around this support level for any signs of a reversal or continuation of the bearish sentiment.
In summary, AUDUSD has broken above the falling trend line on the 4-hour chart, indicating the potential for further upward momentum. Traders will closely watch for a sustained move above the 0.6720 resistance level as confirmation of the completion of the previous downward move. The next targets would then be 0.6805 and 0.6899. On the downside, support is seen at 0.6594, and a break below this level could trigger another downward move towards 0.6550. Traders should stay informed and monitor relevant market factors to navigate potential trading opportunities in AUDUSD.
