AUD/USD has reached key long-term resistance at around 0.6650 and has stalled.
AUD/USD has rallied up to tough resistance and stalled. It must break decisively above this barrier to continue to short-term uptrend higher. A successful break might lead to a move all the way up to the end of wave C of a Measured Move price pattern. AUD/USD 4-hour Chart The pair is probably in a short-term uptrend, however, evidenced by the rising sequence of peaks and troughs since the April 19 bottom.
If AUD/USD can successfully break above the resistance level it will probably move up to the level of the May 8 high at 0.6667. A break above that would be highly bullish and lead to a move up to a target at around 0.6690. The latter target is generated by a possible Measured Move pattern that AUD/USD has formed since the April 19 lows. Measured Moves are large zig-zag like patterns composed of three waves, usually labeled A, B and C.
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