The AUDUSD pair recently tested the critical support level at 0.6570 and has commenced a bullish rebound from this point. This upward movement is reinforced by a positive overlap signal observed through stochastic indicators, heightening the likelihood of a renewed bullish wave on an intraday basis. The subsequent target within this positive momentum is positioned at 0.6640.
It is essential to emphasize that a successful breach of this targeted level could propel the price towards 0.6728, representing the next significant positive station. It is crucial for the bullish sentiment to remain intact, contingent on the pair maintaining a position above the 0.6570 mark.
Today’s projected trading range is anticipated to fluctuate between the support level at 0.6550 and the resistance at 0.6650. These levels serve as pivotal reference points for traders monitoring the evolving dynamics of the AUDUSD pair.
In summary, the prevailing trend for the day is anticipated to be bullish, underlined by the successful bounce from the support at 0.6570 and the accompanying positive signal from stochastic indicators, with the condition that the pair remains above the established support level.