FX.co ★ AUD/USD Update for November 02, 2023 - Potential for the further rally

Technical analysis:

AUD/USD has been trading upside and I found breakout of the trading range in the background, which is good sign for the further upside continuation.

Due to the breakout of the trading range and strong upside momentum this morning, I see potential for the further rally towards the next upside reference.

Upside objective is set at the price of 0.6495

RSI oscillator is showing upside reading above 60 level and trend range to the upside.

Alternative scenario is for the price to pullback to re-test previous swing high area around 0.6400