The AUD/USD is pushing to new highs, with the price now entering a key swing area target between 0.6287 and 0.63016 (see renumbered circles on the chart below). A sustained move above this range could pave the way for a rally toward the January high of 0.63310.
On the downside, immediate support is seen at 0.6274. This level holds significance as it served as a swing low on January 27 and a swing high on January 28. Additionally, in today’s trading, the corrective pullback after the initial upside move stalled at this level, further emphasizing its importance in the short term from a technical perspective.
This article was written by Greg Michalowski at www.forexlive.com. Source