The Australian Dollar (AUD) has shown notable strength recently, with the possibility of breaking through the 0.6305 level. However, resistance at 0.6350 seems to be a challenging target in the near term. Analysts suggest that the current upward price movement indicates the beginning of a recovery phase, which could potentially lead to the 0.6350 level in the future. Nevertheless, if the AUD falls below 0.6190, the prevailing bullish momentum may begin to wane.
In the most recent trading session, the Australian Dollar began at 0.6195, with expectations set for it to fluctuate between 0.6165 and 0.6220. Contrary to these predictions, the currency surged to a peak of 0.6287. This notable rise suggests that the momentum driving the AUD could outweigh any overbought conditions. Support levels are noted at 0.6205, with a minor support line at 0.6240. If these levels hold, it is feasible for the AUD to surpass the 0.6305 threshold.
Looking ahead over a one to three-week timeframe, the previous upward momentum for the AUD appeared to lose steam earlier, leading analysts to anticipate a range between 0.6140 and 0.6245. However, with the AUD breaking through the key resistance level of 0.6245, the recent movements might signal the start of a recovery phase. In order for this positive trend to persist, it is crucial for the AUD to remain above the 0.6190 support level. Overall, the AUD’s trajectory will largely depend on its ability to maintain momentum and navigate through the existing resistance points.
