AUD/USD has fallen to the bottom of a range it has been trading in since the middle of May.
AUD/USD has fallen to the floor of a range it began in mid-May. The pair is in a sideways short-term trend which is likely to extend. This suggests the likely evolution of an up leg towards the range ceiling. From here it is likely to reverse and start moving back up to the top of the range at roughly 0.8609. AUD/USD is in a short-term sideways trend which, given “the trend is your friend,” is more likely than not to continue.
An upside break is marginally more likely to happen because the trend prior range was bullish. A decisive break above the ceiling of the range would likely see a follow-through to a conservative target at 0.6770; a decisive break below the range floor would indicate a follow-through to at least 0.6521.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD Price Analysis: Poised to break down after piercing bottom of rangeAUD/USD has broken below the floor of a short-term range before pulling up.
Read more »
AUD/USD Price Analysis: Begins trading in a range-bound modeAUD/USD trades about a third of a percent higher in the 0.6630s on Thursday after finding support and bouncing from the May 24 swing lows.
Read more »
AUD/USD Price Analysis: Sideways trend continues unfoldingAUD/USD is trading in a range between 0.6590 and 0.6709. At the moment price is unfolding in a down-leg within that range.
Read more »
AUD/USD Price Analysis: Up leg within sideways trend approaches ceilingAUD/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.
Read more »
AUD/USD price Analysis: Volatility contracts amid Descending Triangle formationThe AUD/USD pair climbs to near 0.6650 in Friday’s London session.
Read more »
AUD/USD Price Analysis: Turns volatile as US Dollar bounces back after strong US PMI reportThe AUD/USD pair retreats from the intraday high of 0.6650 in Thursday’s New York session.
Read more »