AUD/USD has started trading in a mini range within a range on the 4-hour price chart.
AUD/USD is trading in a narrow range in the middle of a multi-week range. The pair is in a sideways trend which is expected to extend. The contraction in volatility may be a harbinger of great volatility to come. The pair has been going sideways since the middle of May but since June 19 the waves of buying and selling have narrowed still further. AUD/USD 4-hour Chart AUD/USD could move either higher or lower within the range. A break above the mini-range high at 0.
Eventually the pair will break out of its range and the move is likely to be very strong since it is a general rule of markets that periods of low volatility like now are followed by periods of high volatility. An upside breakout is marginally more likely to happen because the trend prior to the formation of the range was bullish. A decisive break above the ceiling of the range would see a follow-through to a conservative target at 0.6770.
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