The AUDUSD has been trading mostly between 0.6573 and 0.67134 going back to early May. This week, the price rope to the upside reaching the highest level since early January. Today, the price corrected lower upheld sport against the old highs near 0.6708/0.6713.
The price broke higher. The price corrected down to retest the break point. The price rotated higher. That is bullish.
Going forward, staying above 0.6708 keeps the buyers in firm control (close risk and bias defining level). However, If the price falls back below that level, there is likely to be disappointment in the failed break higher. Look for a rotation back down (it is the risk for buyers now)
The next target comes in at 0.67604. Get above that level and it opens door for traders to target the end of 2023/early 2024 highs near 0.6871.
This article was written by Greg Michalowski at www.forexlive.com.
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