AUD/USD bounces off the floor of a range it has formed since the middle of May.
AUD/USD has started an up leg within its range. The move is facing tough resistance from a cluster of Moving Averages but will probably eventually extend higher. A decisive breakout of the range will change the trend, making it more directional. The pair is in a sideways trend which, given “the trend is your friend”, is more likely than not to extend. This suggests the up leg which began on Monday will probably continue rising to the range highs at circa 0.6709.
A decisive breakout of the range would be required to signal a change to a more directional trend. An upside break is marginally more likely to happen because the trend prior to the formation of the range was bullish. The breakout move is likely to be volatile given the range highs and lows have been touched multiple times. A decisive break above the ceiling of the range would see a follow-through to a conservative target at 0.
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