The Australian dollar has extended its upside move against the US dollar, with the AUD/USD currency pair rallying from the 0.6361 level to as high as 0.6586. This bullish momentum shows no signs of abating, and further gains could be in store in the coming days.
The next target for the AUD/USD pair lies around the 0.6630 area, a level that could potentially attract significant buying or selling interest. If the pair manages to break through this resistance zone convincingly, it could pave the way for further upside momentum.
However, traders should also keep a close eye on potential support levels. The immediate support for the AUD/USD is currently situated at 0.6515. A breakdown below this level could potentially push the price back towards the 0.6480 support zone.
If the AUD/USD breaches the 0.6480 support level, it would confirm that the upside move from 0.6361 has likely completed at the 0.6586 level. In such a scenario, the next target for the pair would shift towards the 0.6440 area, followed by the 0.6360 zone.
To summarize, the AUD/USD has extended its rally and is currently eyeing the 0.6630 resistance level. While further gains are possible in the near term, traders should remain vigilant for any potential bearish signals, such as a breakdown below the 0.6515 and 0.6480 support levels. Such a development could signal the end of the current upside move and trigger a corrective decline towards the 0.6440 and 0.6360 areas.