AUDUSD - PREPARING FOR A NEW UPTREND?Symbol - AUDUSD
AUDUSD is currently in a corrective phase after breaking above the resistance of its descending channel. To maintain bullish momentum, the market needs a period of consolidation or the development of a trading range above 0.6525
The US dollar remains in consolidation, showing limited potential for further gains. Growing anticipation ahead of the upcoming Federal Reserve meeting could provide support for the Australian dollar.
The pair is moving into a distribution phase after a period of consolidation. The breakout above 0.6525 confirmed a clean break of the descending channel’s resistance, indicating the early stages of a potential trend reversal. Sustained price action above this level could open the door for continued upward movement.
Resistance levels: 0.6567, 0.6610
Support levels: 0.6525, 0.6493
At present, the pair is attempting to establish a shift in trend direction. The ongoing consolidation and distribution above the previously broken trendline are encouraging signs. However, forming a well-defined trading range will be crucial to confirm the beginning of a new short-term uptrend.
