AUD/USD Price Analysis: Falls to base of the short-term range

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.

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