AUDUSD Remains Range-Bound Below 0.6930

The AUDUSD is encountering sellers right where we thought it might.

On January 7th, I made a video about how the recent AUDUSD rally could be in trouble.

If you watched that video, you know that 0.6930 was a key level.

It’s no surprise then to see the pair well off Thursday’s (current) high at 0.6933.

However, like several other currency pairs, the AUDUSD is struggling to gain any meaningful momentum one way or the other.

We see similar price action on the EURUSD and NZDUSD.

Even the British pound isn’t showing us much against the US dollar.

Many of you won’t want to hear this, but most currency pairs are indecisive at the moment, which is why I haven’t been trading much.

There is a time for trading and a time for waiting.

This happens to be the latter, in my opinion.

I think we’re getting closer to seeing some favorable movement, but we aren’t there yet.

As for the AUDUSD, the pair will likely remain indecisive as long as the price is between 0.6930 resistance and 0.6830/40 support.

The latter is the bottom of the ascending channel that extends from the October 2019 lows.

If we do see buyers close the pair above 0.6930, the AUDUSD would likely trend higher toward 0.7015.

A daily close below ascending channel support, on the other hand, would be a little more difficult to figure out.

That’s because of the descending channel that extends from the December 2018 high.

The top of that channel would come into play just below 0.6800.

Still, given the intermediate and long-term bearish trends here, a break lower would agree with what we’ve seen from AUDUSD since 2013.

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