AUDUSD is moving sideways the last couple of sessions. However Daily trend remains bullish and price has not broken out of the medium-term bullish channel. Price is inside a short-term trading range created the last two days. An exit off this trading range will show us the way.
Red lines - trading range
AUDUSD has key medium-term support at the lower channel boundary at 0.6790 area. The trading range we are in for the last couple of days is between 0.6975 and 0.68. Price is now at 0.6885 and does not provide any good risk reward opportunity for short-term traders. It is preferable to wait for a break out or when price reaches a key support or resistance level in order to initiate new positions. Medium-term trend remains bullish since March when price bottomed. An exit off the bullish channel will signal that a corrective move is starting with most possible targets between 0.6480 and 0.61.
