Price action on the AUD/USD daily chart, as shown, has been consolidating near the pair’s 5-year low (around 0.6000), which was hit in late October. Extending from that low, a gradual uptrend support line has formed that price has been adhering to. Currently, price is oscillating between this trendline and strong resistance in the 0.6800 region. Any significant breakdown below the uptrend line could target major support around the noted 5-year low 0.6000 region. Any approach and subsequent breakout of the 0.6800 resistance, conversely, should target further key resistance to the upside in the 0.7250 region.
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