Range is narrowing
The AUDUSD is sidewaying its way in trading today. The price has moved higher and then lower and higher again. The low today stalled at a lower trend line. That trend line now comes in at 0.7869. On the topside, the pair stalled ahead of the 100 hour MA at 0.79046 and trend line resistance at 0.7907.
We trade in between those two extremes and the range narrows.
At some point there will be a break and a run, but also be aware of what happens on a break.
Looking at the chart above, the tries above the 100 hour MA (blue line) have not been able to solicit much momentum. So you cannot ignore a break, but on the break, we want to see momentum. For the AUDUSD, staying above the 0.7900 level will be eyed on a break of the topside targets.
