Early in the trading session today, the AUDUSD surged strongly to the upside, bouncing off the support level of 0.6635 and the bullish trendline.
As the price approaches the 0.67 round number resistance level, the upward momentum has stalled. It is likely that the price could consolidate just under the 0.67 resistance level or retrace briefly before breaking out to the upside again, with the next resistance level at 0.6760.
However, continual moves to the upside for the AUDUSD would primarily be driven by further weakness in the DXY.
As the price approaches the 0.67 round number resistance level, the upward momentum has stalled. It is likely that the price could consolidate just under the 0.67 resistance level or retrace briefly before breaking out to the upside again, with the next resistance level at 0.6760.
However, continual moves to the upside for the AUDUSD would primarily be driven by further weakness in the DXY.
