Technical Analysis – AUDUSD challenges upper limit of its range
AUDUSD attempts to break above sideways structure
Oscillators are heavily tilted to the bullish side
AUDUSD has been trading sideways for more than a month now, unable to adopt a clear directional impetus. However, in the last two sessions, the bulls have been testing the upper end of the neutral pattern, where a decisive break could trigger a sharp move to the upside.
If buying pressures persist and the price closes above 0.6713, the recent resistance of 0.6732 could prove to be a strong barrier for the bulls to claim. A violation of that threshold could pave the way for the December 2023 high of 0.6870. Failing to halt there, the pair may advance towards the double top region of 0.6898, registered last summer.
On the flipside, should the pair reverse lower, immediate support could be found at the April-May resistance of 0.6643 ahead of 0.6618. In case of a downside break, the bears may attack the May support of 0.6590. Further declines could then come to a halt at 0.6558, which overlaps with the 200-day simple moving average (SMA).
In brief, AUDUSD appears ready to escape its neutral structure as the upper limit has been tested in the last two sessions. Nevertheless, a repeated failure to claim this level might lead to the pair's reversal back within the short-term range.
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