AUD/USD Sees Continued Upward Bias in Daily Trading

The AUD/USD currency pair showcases a persistent upward inclination in today's trading session. Market analysts observe key daily pivot levels with the first support (S1) at 0.6659, the pivotal point (P) at 0.6694, and the first resistance (R1) level reaching 0.6733, indicating potential fluctuations within these thresholds.

Short-Term Outlook for AUD/USD

Traders maintain a short-term bullish stance on the AUD/USD pair, as current trends propose that the previous decline from the high of 0.7156 may have concluded. This decline was characterized by three distinct downturns bottoming out at 0.6269. As the pair's value shows upward momentum, the next significant resistance level to watch is at 0.6894. The near-term perspective remains optimistic with a cautious stance, supported by the resilience of the 0.6524 support level in the event of a price retraction.

Overall Market Perspective

When zooming out to the broader market view, it is yet to be confirmed whether the downward trajectory from the 2021 peak of 0.8006 is fully over. The price movement from the 2022 low of 0.6169 seems to be forming a medium-term corrective pattern, with the recent ascent from 0.6269 comprising part of this configuration. Presently, a phase of range-bound trading is expected to persist, fluctuating between the 0.6169 and 0.7156 marks, these being the 2022 and 2023 highs respectively, pending upcoming market developments.

AUDUSD, Forex, Trading