AUD/USD is contracting within a very tight range, itself within a range. The pair is likely to break out of both ranges eventually in an explosive move. An upside breakout is marginally more likely given the trend prior to the formation of the range was bullish. The pair has been going sideways since the middle of May but since June 19 the waves of buying and selling have further narrowed creating a “range-within-a-range”. AUD/USD 4-hour Chart A break above the mini-range high at 0.
Eventually the pair will break out of its range and the move is likely to be very strong since it is a general rule of markets that periods of low volatility like now are followed by sudden bursts of high volatility. An upside breakout is marginally more likely to happen because the trend prior to the formation of the range was bullish. A decisive break above the ceiling of the range would see a follow-through to a conservative target at 0.6770.
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