Can AUD/USD claim more ground above 0.6500?

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Can AUD/USD claim more ground above 0.6500?

AUD/USD has been making a short-term comeback from its 2024 low, crossing the 0.6500 mark due to a weaker Dollar. But is its downtrend intact still, or are we seeing the start of a sustained turnaround?

Looking at the 4-hour chart, there are potential signs of a continued negative outlook, unless we see a break of the 100-day SMA at 0.6530. If that happens, the next target to keep an eye on is the 200-day SMA at 0.6600. Resistance levels are supported by a descending trend line currently aligned with $0.6500, suggesting that resistance at this point could hold back its upside potential.

If selling pressure picks up again, AUD/USD might test 0.64797 initially before revisiting its 2024 low at 0.6452. A breach of this level could lead to the pair establishing new yearly lows and a retest of the 2023 low at 0.6270.