AUD/USD Price Analysis: Consolidating after pull back from May 3 high

AUD/USD is consolidating after pulling back from its May 3 peak. A break above 0.6624 would likely result in a volatile move higher AUD/USD may have formed a Measured Move with a final target at around 0.6690. Despite oscillating sideways for the last week, the pair is probably in a short-term uptrend, evidenced by the rising sequence of peaks and troughs since the April 19 lows.

6624 it will probably result in a highly volatile move to the upside, since the level has been touched on multiple occasions which usually results in a strong move once broken. The next target higher would probably be at around 0.6680-90, generated by a possible Measured Move pattern that AUD/USD has formed since the April 19 lows. Measured Moves are like large zig-zags composed of three waves, labeled A, B and C.

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