AUDUSD Opportunities
AUDUSD has been in a consolidation range since end of July. We are starting to see that the area has been respected very well and that the bulls may take over soon to switch price. Overall the bigger timeframe remains bearish but the smaller timeframe is switching to bullish. Price may reverse from here and more than likely break the consolidation to the upside and reach the previous broken support of the last consolidation range which should act as resistance. From there, two scenarios could occur which is either break it and re enter the previous range or continue the downside from that area. Keep an eye on AU for possible long opportunities until the marked areas. If however, price manages to break this consolidation range to the downside then the the bullish scenario will be invalidated.
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