AUDUSD → Unpredictable maneuver and resistance retest

8 במאי 2023

AUDUSD is returning to the local channel. When the lower boundary of the upward range was broken, the price formed an impulse to retest the resistance level of 0.67897.

Most likely, a pullback may follow from the resistance and form a range in the form of an ascending triangle (pre-breakdown consolidation).
Weakening dollar allows the currency pair to get stronger.
The AUDUSD is not ready to fall at the moment, as it is showing quite positive dynamics.

Strong support: the border of the ascending channel, level 0.674.
Strong resistance: 0.67897.
I expect that the price will continue the onslaught of the resistance even after the pullback and retest of the uptrend channel support. There is a high probability that the uptrend will continue.

Regards to R.Linda!