AUD/USD: Buying Opportunity with Continued Uptrend

[mendez]

Currently, AUD/USD is continuing its strong uptrend, and with macroeconomic factors supporting this move, the price is likely to continue rising in the short term. After breaking the 0.65 level, this pair is heading towards higher resistance levels, with the nearest target being 0.6570.

With high inflation in Australia, the Reserve Bank of Australia (RBA) is less likely to cut interest rates, which provides stability and support for the AUD. In addition, the expectation that the Federal Reserve will cut rates in December continues to weaken the USD, creating an opportunity for AUD/USD to rise. The current chart shows a recovery price pattern with solid support at the 0.6520 level, reinforcing the uptrend.

The next resistance level that AUD/USD could reach is 0.6570. If the price corrects to the 0.6520 area and holds, it will be an ideal buying opportunity to continue the uptrend. However, traders should be cautious with upcoming economic data from the US. If there is positive news from the US, the USD may quickly recover, causing a pullback for AUD/USD.

[Nahid Hossen]

Trend is clean—dips are still offering strong long entries.

[Rimon Khan]

As long as higher lows continue, momentum favors buyers.