AUDUSD - TESTING KEY RESISTANCESymbol - AUDUSD
CMP - 0.6530
AUDUSD continues to advance amid persistent uncertainty surrounding the US dollar, which remains in a consolidation phase. The currency pair is approaching a key resistance level at 0.6537
The dollar is currently range-bound due to prevailing market indecision. In contrast, the Australian dollar is gaining strength and appears poised to test a significant liquidity zone.
Within the context of the prevailing trend, the pair is progressing toward both resistance and the identified liquidity area. Given the considerable distance from the initial opening, the potential for continued upside may diminish as the pair nears its target. A false breakout above 0.6537 could signal the onset of a corrective pullback.
Resistance level: 0.6537
Support levels: 0.6509, 0.6480
A swift movement toward resistance without sustained bullish momentum could result in a false breakout at 0.6537 Should the price consolidate below this threshold, a corrective phase may follow before any potential resumption of the upward trend.
