If you've been keeping an eye on the AUDUSD currency pair, you might have noticed it's been on a bit of a rollercoaster ride lately. The currency pair took a dip from 0.6713, plunging down to 0.6607. This hiccup broke through what seemed like a sturdy floor in the rising price channel, according to the 4-hour chart. But here's the kicker: it's not just a minor stumble—it signals that the recent climb, which started from 0.6361, might have hit its peak at 0.6713.
So, what's next for AUDUSD? Well, it seems like the currency is set for more downward action. We might see it head towards the 0.6560 neighbourhood first, and then perhaps even shake hands with the 0.6460 area not too long after.
But hold your horses! There's a plot twist. If AUDUSD can muster the strength to jump over the 0.6660 hurdle, we could witness a fresh rally. A successful leap over this initial resistance could put the pair back on track to retest the 0.6713 peak. And if it manages to climb above that previous high, we're talking about waving hello to potentially bullish times ahead. The next pit stop? A shiny target at 0.6790.
In essence, AUDUSD's recent slip could either be a slide down or a stumble before a comeback. Keep your eyes peeled on that 0.6660 spot—it might just be the trampoline for another high-flying move.
by ForexInflux
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