Fundamental Analysis
The Australian Dollar has shown a notable rise recently. Today and throughout the week, important economic news related to the US Dollar, as outlined in the economic calendar, is expected to significantly impact the pair’s trading.
Technical Analysis
The pair had been trading sideways between support at 0.5900 and resistance at 0.6400. In recent days, it broke through the 0.6400 resistance level, pushing prices higher to test the next resistance at 0.6550, which was also broken to the upside.
Next Move Expectations
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Bullish Outlook: After breaking above 0.6550, the pair is likely to continue its upward momentum toward the next resistance at 0.6670.
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Bearish Outlook: If the pair falls below 0.6550, it may decline further to the next support level at 0.6400.
