The AUDUSD currency pair has been in a downtrend since reaching a high of 0.6771 in late April 2023. However, there are now signs that this downtrend may be coming to an end. The pair recently broke above a falling trend line on the 4-hour chart, which is a bullish signal.
This break above the trend line suggests that the downside movement from 0.6771 has completed at a low of 0.6573. This means that the pair could be on track for a further rally in the coming days. The next target for AUDUSD is likely to be around the 0.6700 area.
It is worth noting that support for AUDUSD is currently at 0.6573. This is the level that the pair must stay above to maintain its upward momentum. A breakdown below this level could bring the price back down towards the 0.6500 zone.
