The AUDUSD made a strong push higher this week, breaking above a key swing area between 0.6429 and 0.64419, and stretching to test the 200-day moving average near 0.64614. The bullish momentum even briefly took the price above 0.64687, but buyers could not sustain the move, and the breakout failed.
The pair is now backing off from those highs, putting pressure back on the former resistance-turned-support zone between 0.6429 and 0.64419. This area will be critical going forward. If buyers are to maintain short-term control, they must defend this zone on any dip.
A break back below 0.6429 would weaken the bullish bias and shift focus toward support levels near 0.6407 (swing high from February) and 0.6390 (swing highs from March). On the topside, a sustained break above 0.6461 to 0.6468 would open the door toward the 0.6535 resistance level.
AUDUSD technicals
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