The AUDUSD currency pair has continued its upward move, extending from 0.6594 to reach as high as 0.6801. However, it has encountered a significant resistance level at 0.6805. Traders and analysts closely watch this level as a break above it could trigger further upside momentum towards the previous high at 0.6890. The Australian dollar remains poised for potential gains against the US dollar.
Looking ahead, market participants anticipate the potential for a breakout above the resistance level at 0.6805 in AUDUSD. If the pair manages to breach this level, it would signal a continuation of the bullish trend and open the door for further upside movement towards the 0.6890 previous high.
However, it is important to consider that currency markets are subject to fluctuations and corrections. Immediate support for AUDUSD is currently located at 0.6730. A breakdown below this level could lead to a retracement towards the 0.6680 area. These support levels should be closely monitored to assess the strength of the ongoing uptrend.
In conclusion, AUDUSD has extended its upward move, reaching as high as 0.6801 and facing resistance at 0.6805. A break above this level could trigger further upside momentum towards the previous high at 0.6890. Immediate support can be found at 0.6730, followed by the 0.6680 area. Traders should closely monitor these levels to assess the sustainability of the current bullish trend.
