AUD/USD trades about a half of a percent higher in the 0.6660s on Friday as the pair continues rising following a bounce from the May 24 swing lows.
AUD/USD is unfolding an up leg within a range which is approaching the range highs. If it reaches the highs the pair could reverse and begin a move south, extending the sideways trend. A clear breakout above the range highs or lows would be required to give the pair directionality again. The pair has probably entered a sideways trend and since “the trend is your friend” this range-bound market mode is likely to extend.
If AUD/USD reaches the range highs or close to them and then rolls over and forms a Japanese candlestick reversal pattern it could be a sign the pair is extending its sideways trend and a leg down is about to begin. A MACD cross back below the signal line – especially if in positive territory – would add further evidence to suggest a move down within the narrow range was evolving. Failed breakdown AUD/USD broke down from its rising channel on May 22, bringing the established uptrend into doubt.
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