AUD/USD is trading in a range and may have begun a sideways trend. It has bounced off the floor of a prospective range and is probably rising up to the ceiling. It would require a decisive breakout from the range to renew directionality. It is possible the pair has entered a sideways trend with a range high at the May 26 high of 0.6680 and a floor at 0.6591 . AUD/USD 4-hour Chart If AUD/USD is in a short-term sideways trend it will probably extend its range.
6641 would be necessary to reconfirm the bullish bias and indicate odds favor a move back up to the range highs. AUD/USD broke down from its rising channel on May 22, bringing the established uptrend into doubt. Follow-through lower was weak and the pair recovered. There is no clear short-term directional trend suggesting the trend may actually be sideways. It would require a decisive break below 0.6591 to confirm more downside, with the next target probably at 0.