AUDUSD has been stuck in the range 0.9210 – 0.9450 for almost 4 months. When reviewing the chart, it looks like Aussie dollar is preparing for the upside breakout when the bottom is moving higher; however, AUDUSD bullish momentum was not strong enough to push Aussie dollar break the range and move up further but instead making two false break out and price was back to the range.
On the schedule this week, the RBA Interest rate decision today and especially Australian Job report on Thursday will the key risk events for AUDUSD. Let’s see if Aussie dollar can break the current range to move faster.
Forex Trading Signal:
We are looking for signals to buy or sell Aussie dollar at the lower and the higher of the range if AUDUSD can not break the range.
-0.9500 – 0.9540
-0.9440 – 0.94650
-0.9380 – 0.940
-0.930 – 0.9320