AUD/USD Price Analysis: Sat plumb in the middle of a multi-week range

AUD/USD is trading in the middle of a multi-week range. It is in a sideways short-term trend that is tipped to extend. More recently it has contracted further, forming a “mini-range” within a range. Since June 19 the waves of buying and selling have narrowed even further, forming a sort of temporary “mini-range” within a range. AUD/USD 4-hour Chart AUD/USD could move either higher or lower within the range – at the moment it is difficult to tell which way next.

It would require a decisive breakout of the range to signal a change to a more directional mode. An upside break is marginally more likely to happen because the trend prior to the formation of the range was bullish. The breakout move is likely to be volatile given the range highs and lows have been touched multiple times. A decisive break above the ceiling of the range would see a follow-through to a conservative target at 0.

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