FX.co ★ absh kaat | AUD/USD

I am currently analyzing the AUD/USD pair, which is trading at 0.6492, and I believe the price action today reflects a key turning point in the broader market structure. I observed that earlier today, the market broke through a previously defined resistance level, indicating short-term bullish momentum, but I also noticed that it quickly encountered a smaller resistance around the midline, causing the price to retrace and test the support level again. I am interpreting this as a signal that the bullish push may have been temporarily exhausted. I am watching the 0.6460 level closely, as I see it providing solid support and underpinning the current upward movement. I think that if this support continues to hold, it could give the pair the strength to retest higher levels. I am particularly focused on the 0.6522 resistance, which I recognize as a very strong barrier due to its historical significance and the market's inability to break it during the past two weeks of steady decline. I am expecting that any attempt to breach this level will face substantial selling pressure, and I am preparing for the scenario where the price either forms a new resistance at or slightly above 0.6522 or gets rejected again, possibly dragging the pair back to the previous support level that has been tested twice before. I am factoring in the recent two-week bearish trend to assess whether today’s intraday bullish activity is just a corrective move or the beginning of a deeper reversal. I am positioning myself cautiously, recognizing the potential for high volatility between the 0.6460 support and 0.6522 resistance, and I am waiting for a confirmed breakout or breakdown before making a decisive trade.

I am currently analyzing the AUD/USD pair on the H4 timeframe, and I am focusing on the support and resistance levels I have marked on the chart to guide my outlook. I am noticing that the market has been in a buying state over the past two days, which I interpret as a short-term bullish trend gaining momentum. I am paying close attention to a very strong resistance level on this timeframe, and I believe that if the market price can touch and react to this level, it will potentially establish a new resistance zone. I am considering the scenario where a successful breach of this resistance would indicate continued bullish strength and open the door for higher highs in the coming sessions. I also understand that if the price instead breaks below a nearby support level, it could shift the current trend and possibly result in the creation of a new support level around 0.6482, which I see as a potential pivot point. I have taken into account the recent bottom formation a few days ago, which I regard as the second most significant low in the current structure, and I am using that as a reference for future movement. I am prepared for the possibility that failure to break below support could push the price upward with force, challenging the strong resistance once more. I am expecting the market to react sharply at this level, and I believe that in the next few days, there is a strong chance that the market will continue to rise if bullish sentiment holds and structural levels remain intact. I am approaching the market with caution but readiness to act if a breakout or reversal is confirmed.