The AUDUSD pair has been in a short-term uptrend from the low of 0.6573. However, recent price action shows that the pair has broken below the rising trend line on the 4-hour chart. This indicates that the uptrend from the low of 0.6573 has come to an end, and a correction may be underway.
The pair has retreated to as low as 0.6639, and it is currently trading near the 0.6670 level. It is important to note that the fall from the recent high of 0.6716 is likely a correction for the uptrend. This means that another rise towards the 0.6805 resistance level is still possible after the correction is complete.
The near-term resistance level for the AUDUSD pair is at 0.6716. If the pair breaks above this level, it could signal the resumption of the uptrend. However, the pair must first complete the correction before it can continue moving higher.
On the downside, if the AUDUSD pair continues to fall, it may find support at the 0.6573 level, which is the recent low. Below that level, the next major support is at the 0.6500 level.
In conclusion, while the AUDUSD pair may have broken below the rising trend line on the 4-hour chart, it is important to remember that the fall from the recent high is likely a correction for the uptrend. Traders should watch the 0.6716 resistance level closely, as a break above this level could signal the resumption of the uptrend.
