The AUD/USD pair commenced today’s trading session on a positive note, surging towards the 0.6400 level and making efforts to establish a foothold above it. This upward momentum suggests a potential recovery with the aim of achieving intraday gains. However, the pair faces certain negative factors that could lead to a reversal.
Given the ambiguity created by these conflicting factors, it is advisable for traders to remain on the sidelines until the price confirms its stance concerning the mentioned level. A decisive breach of the 0.6400 level could set the stage for a move towards the 0.6545 area as an initial target. Conversely, if the price consolidates below this level, it may resume the bearish trend with a downside target of around 0.6300 in the near term.
For today’s trading, the expected range is forecasted to fluctuate between the support level at 0.6360 and the resistance level at 0.6470. This range will be closely monitored by traders for potential market reversals or breakouts.
In summary, the AUD/USD pair has initiated a positive movement but remains in a state of uncertainty due to opposing factors. As such, the current outlook is neutral, and traders are encouraged to wait for confirmation before making any decisive moves.