The AUDUSD currency pair has exhibited a strong upward movement, extending from 0.6457 to reach as high as 0.6750. This surge in price indicates the potential for further upside momentum in the near term.
Notably, the price action remains within a rising price channel on the 4-hour chart, suggesting that the bullish trend is still intact. As long as the price remains within this channel, traders can anticipate the continuation of the upward move. The next target for the pair is at 0.6817, corresponding to the previous high. Should the price manage to breach this level, it would further reinforce the bullish sentiment and potentially lead to additional gains.
On the downside, it is important to monitor the support level provided by the channel. A breakdown below the channel support would indicate a period of consolidation or a temporary pause in the upside move. In such a scenario, traders should focus on potential support at around 0.6620, where buyers may step in to defend the uptrend.
In conclusion, the AUDUSD pair has continued its upward movement, reaching as high as 0.6750. The price action remains within a rising price channel, suggesting further potential for upside gains. The next target is at 0.6817, while support can be expected within the channel and around 0.6620. Traders should apply effective risk management techniques and stay informed about relevant market developments to navigate the AUDUSD market successfully.
