The AUDUSD currency pair has maintained its sideways movement, trading within a defined range between 0.6594 and 0.6720. Traders are patiently waiting for a decisive breakout to provide clarity on the pair’s next direction.
Currently, the price is once again approaching the upper boundary of the range at 0.6720, which serves as a key resistance level. A successful break above this level could indicate a shift in momentum and potentially lead to a further upside move towards the next resistance level at 0.6805. Traders should closely monitor the price action near this level for confirmation of a breakout.
Conversely, if the pair fails to overcome the resistance at 0.6720, it may continue to consolidate within the range. In this scenario, the immediate support is at 0.6594, which has been a significant level throughout the consolidation period. A breakdown below this support could trigger renewed selling pressure and push the price towards the lower range support at 0.6560.
It is important to exercise caution and wait for a clear breakout before initiating new positions. False breakouts are common during consolidation phases, and traders should seek confirmation through strong price momentum and volume.
In summary, AUDUSD continues to consolidate within a defined range between 0.6594 and 0.6720. Traders should await a decisive breakout to provide clarity on the pair’s next direction. A break above 0.6720 could lead to further upside momentum towards 0.6805, while a breakdown below 0.6594 could trigger a renewed downside move towards 0.6560. Exercise caution and closely monitor the price action for confirmation before initiating new positions.
