AUD/USD is in a down-leg within a narrow trading range. The pair is probably in a sideways trend with the odds favoring an extension of that trend. A decisive break above or below the top or bottom of the range would generate follow-through targets. AUD/USD 4-hour Chart AUD/USD is in a sideways short-term trend, with the odds favoring an extension of the range-bound mode, given “the trend is your friend”.
An upside break is marginally more likely than a downside break because the trend prior to the formation of the range was bullish and so the breakout is slightly more likely to be higher. A decisive break above the ceiling of the range would indicate an extension higher to a conservative target at 0.6770; a decisive break below the range floor would indicate a follow-through to at least 0.6521.
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Source: FXStreetNews - 🏆 14. / 72 Read more »