The AUD/USD pair has been mostly trading between 0.6573 and 0.67134 since early May. This week, the price rose to its highest level since early January. Today, the price corrected lower to hold its old high level near 0.6708/0.6713.
The price went up. Then the price corrected down to retest the breakout point. Then the price went up. This is bullish.
Going forward, staying above 0.6708 keeps buyers in a steady control position (risk level and near bias). However, if the price drops back below this level, there is likely to be disappointment in the failure to break higher. Look for another bearish turn (this is the risk for buyers now)
The next target will be at 0.67604. Breaking this level will open the door for traders to target the late 2023/early 2024 highs near 0.6871.
AUDUSD breaks the bullish and bearish range this week