The AUD/USD pair is moving sideways in the short term, so we have to wait for fresh opportunities. It's trading at 0.6754 at the time of writing far below today's high of 0.6806. The downside pressure is high as the Dollar Index rallied. DXY's larger growth should force the USD to dominate the currency market.
The currency pair is strongly bearish even if the US data came in mixed. Unemployment Claims came in at 264K versus 261K expected, Current Account was reported at -219B compared to -214B estimated, Existing Home Sales increased from 4.29M to 4.30M even if the traders expected a potential drop to 4.25M, while CB Leading Index reported only a 0.7% drop versus the 0.8% drop estimated. Tomorrow, the manufacturing and services data should be decisive.
AUD/USD Range!
Technically, the AUD/USD pair is trapped between 0.6812 and 0.6752 levels. Escaping from this pattern should bring us great opportunities and a strong movement. Dropping below the uptrend line signaled a new leg down.
The current sideways movement could represent a bearish continuation formation. Failing to reach and retest the 0.6812 range's resistance signaled strong sellers.
AUD/USD Forecast!
A valid breakdown below 0.6752, a new lower low activates a downside continuation. This is seen as a selling signal.
