FX.co ★ torp.paris | AUD/USD

Buyers are struggling to break above the upper boundary of the trading range in which the AUDUSD price has been stuck since mid-April. Currently, they are once again approaching the resistance level closely, but in order to make more serious upward movement plans, it is necessary to wait for a breakout and a sustained move above. If buyers manage to overcome 0.6440-0.6450, then the initiative will completely shift to them, and it will be possible to confidently continue the rise towards 0.6550, and perhaps even higher, for example, towards 0.6685-0.6700. Of course, weakness in the US dollar is needed to implement this plan. Essentially, the American currency is not in a hurry to strengthen significantly, so why not push the AUDUSD price up by a few hundred points more?! If an immediate breakout to the upside does not succeed, then there might be a slight retracement downwards, for instance, towards 0.6390 and 0.6350. There are no prerequisites for a significant decline at the moment, so if considering selling, it should be with modest targets. Of course, if unexpectedly positive news comes from America, then a sharp downward movement could occur, but that would be a reaction to the news. Currently, the US dollar is not showing strength or resilience.