The AUD/USD currency pair is currently exhibiting a bullish sentiment, supported by the continuation of the longer-term prevailing uptrend. Recent intraday price action shows a period of sideways consolidation near the breakout level, which was previously a resistance zone and has now transitioned into a new support area.
Bullish Scenario:
The key trading level to watch is 0.6286, representing the previous consolidation price range. A corrective pullback from the current levels, followed by a bullish bounce from the 0.6286 support level, could trigger upside momentum targeting:
0.6365 - Immediate resistance level
0.6385 - Secondary resistance level
0.6408 - Longer-term resistance level
Bearish Scenario:
Alternatively, a confirmed loss of the 0.6286 support level, accompanied by a daily close below that point, would invalidate the bullish outlook. This scenario may lead to further retracement and a potential retest of lower support levels at:
0.6240 - Initial downside support
0.6200 - Deeper support level
Conclusion:
Traders should closely monitor the 0.6286 level for potential bullish bounce signals or a breakdown confirmation. A successful bounce could favor long positions targeting higher resistance levels, while a breakdown would shift the bias to short positions, aiming for deeper retracement zones. Proper risk management and trend validation are essential to mitigate potential false breakouts.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Bullish Scenario:
The key trading level to watch is 0.6286, representing the previous consolidation price range. A corrective pullback from the current levels, followed by a bullish bounce from the 0.6286 support level, could trigger upside momentum targeting:
0.6365 - Immediate resistance level
0.6385 - Secondary resistance level
0.6408 - Longer-term resistance level
Bearish Scenario:
Alternatively, a confirmed loss of the 0.6286 support level, accompanied by a daily close below that point, would invalidate the bullish outlook. This scenario may lead to further retracement and a potential retest of lower support levels at:
0.6240 - Initial downside support
0.6200 - Deeper support level
Conclusion:
Traders should closely monitor the 0.6286 level for potential bullish bounce signals or a breakdown confirmation. A successful bounce could favor long positions targeting higher resistance levels, while a breakdown would shift the bias to short positions, aiming for deeper retracement zones. Proper risk management and trend validation are essential to mitigate potential false breakouts.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.