The AUD/USD currency pair is currently trading in the 0.6610 range, consolidating after its pullback from the May 3rd high.
Upward Trend on Hold:
- Despite the recent sideways movement, the AUD/USD may still be in a short-term uptrend.
- This is supported by the sequence of higher highs and higher lows since the April 19th lows.
Resistance at 0.6624:
- The pair has attempted but failed to break above the 0.6624 resistance level on multiple occasions.
- A successful breach of this level could signal further gains towards the May 3rd high of 0.6649.
Potential Upside Targets:
- A break above 0.6624 could trigger a volatile move upwards.
- Measured Move analysis suggests potential targets around 0.6680-0.6690 based on the price movement since April 19th.
Bearish Scenario:
- A decisive break below the red trendline on the chart would indicate a potential trend reversal.
- This could be signaled by a long red candle closing near its low or three consecutive red candles breaking below the trendline.
