The AUD/USD currency pair has continued its impressive upward momentum, extending its move from 0.6349 to a recent high of 0.6812. This sustained growth reflects positive market sentiment and suggests potential for further gains in the near term.
Continuing the Upward Journey
As long as the price remains within the rising price channel on the 4-hour chart, we can expect the uptrend to persist. The next immediate target for the pair is around the 0.6850 mark, with an extended goal of reaching the 0.6900 area. Breaking through these levels could signal a strong bullish sentiment and open doors for even higher valuations.
Support Levels to Monitor
Despite the bullish outlook, traders should remain cautious of potential pullbacks:
- First Support Level: A breakdown below the channel support could see the price retreat to the 0.6761 level. This area may provide a buffer against further declines and could serve as a rebound point back into the upward channel.
- Secondary Support Level: If the price falls below 0.6761, the next target would be the 0.6697 support level. Breaching this point might indicate a more significant correction and could alter the current bullish trend.
Conclusion
The AUD/USD pair currently exhibits strong bullish characteristics within its rising price channel, suggesting that further appreciation is likely. Traders should keep a close eye on the key resistance levels at 0.6850 and 0.6900, as well as the crucial support levels at 0.6761 and 0.6697, to make informed trading decisions. Maintaining awareness of these levels will be essential for navigating potential market volatility and capitalizing on emerging opportunities.