AUDUSD - RETRACEMENT WITHIN UPTREND BEFORE FURTHER GROWTHSymbol - AUDUSD
CMP - 0.6302
AUDUSD pair, supported by a decline in the US dollar, holds significant potential for continued growth. However, given the upcoming NFP release today, Friday, the associated risks are heightened.
Currently, the currency pair is establishing a local uptrend, and in conjunction with the weakening dollar, the Australian dollar may sustain its strengthening trajectory. On the 4-hour chart, a local correction is developing towards an imbalance zone, with a strong support level at 0.6300 The price is displaying a false breakout, attempting to capture liquidity and subsequently consolidate at higher levels. Should the bulls successfully defend the 0.6300 – 0.6330 range, the price is positioned to maintain its upward momentum in both the short and medium term.
Key support levels: 0.6300, 0.6255
Key resistance levels: 0.6330, 0.6363
A consolidation above the 0.6300 level, followed by a sustained rise and consolidation above 0.6330, would confirm the bulls' intentions for further upward movement. However, with the NFP release and other significant economic data on the horizon, the risks are amplified, and elevated market volatility should be expected.
