The AUD/USD currency pair has recently surged, climbing from a low of 0.6349 to a high of 0.6812.
What’s on the Horizon?
As long as the price remains within the rising price channel on the 4-hour chart, we can anticipate this upward movement to continue. The next target is around the 0.6850 area, with a further aim for the 0.6900 level if momentum persists.
Key Support Levels to Keep an Eye On
- Immediate Support: On the downside, if the price breaks below the channel support, it could fall back to the next support level at 0.6761.
- Further Decline: Should the price drop below this level, the next target would be the 0.6697 support level.
Conclusion
It’s crucial to monitor these key levels for making informed trading decisions. The AUD/USD pair shows strong potential for continued upside, but any significant breakdown could indicate a shift in the trend. Stay updated for any new developments!
by ForexInflux
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