The AUDUSD currency pair has displayed impressive strength, extending its upward move from 0.6457 to reach as high as 0.6806. This surge indicates a continuation of the bullish trend that has been in place for some time. As long as the price remains within the rising price channel on the 4-hour chart, the pair is likely to maintain its positive momentum.
Traders can anticipate the upside move to persist, with the next target set at the previous high of 0.6817. This level represents a significant resistance point, and a breach above it would open the door for further gains in the pair. Market participants will closely monitor price action around this key level as it could trigger increased buying interest and propel AUDUSD towards higher targets.
On the downside, should a breakdown below the channel support occur, it would suggest a period of consolidation for the recent upside move. In such a scenario, traders should be aware of potential support around the 0.6670 level.
In conclusion, AUDUSD has sustained its upward momentum, reaching new highs above 0.6800. As long as the price remains within the rising price channel, the pair is poised to continue its ascent, with the next target set at 0.6817. However, a breakdown below the channel support could indicate a period of consolidation. Traders should remain vigilant and adapt their strategies accordingly to capitalize on potential opportunities in the AUDUSD market.
