The AUDUSD currency pair has seen its bullish momentum accelerate, with the recent upside move from the 0.6361 low extending all the way up to 0.6529 so far.
With the path of least resistance still appearing to favor the bulls at this stage, further AUDUSD gains could potentially be on the horizon over the coming days. The next key target in focus on further strength is the 0.6570 resistance area. A move beyond 0.6570 would likely expose the more significant 0.6630 zone as the next upside objective.
In the near-term, the 0.6482 level has emerged as an important floor of support to monitor closely. As long as AUDUSD holds above 0.6482, the technical bias will remain tilted in favor of the buyers targeting further upside within the advance off the 0.6361 lows.
However, a breakdown below 0.6482 support would raise concerns that the upside move from 0.6361 may have already completed at the 0.6529 high printed this week. Such a scenario could see AUDUSD revisiting support next around the 0.6440 region. A plunge through 0.6440 would mark an even more significant bearish shift, exposing the 0.6360 level as the next key downside target.
For now, the technical trend remains bullish while AUDUSD holds above that 0.6482 support area. The focus will be on whether the currency pair can extend its gains towards the 0.6570 and potentially 0.6630 resistance zones in the sessions ahead.
But AUDUSD traders will want to keep a close eye on the 0.6482 and 0.6440 support levels for any signs that the bullish momentum may be stalling out. A break below those floors would raise doubts about the sustainability of the current uptrend off the 0.6361 lows.
The key levels to monitor are 0.6570 and 0.6630 resistance on the topside for potential upside targets, while 0.6482 and 0.6440 support will be watched closely for potential reversal signals that could shift the outlook to more bearish in the coming days and weeks.