AUD/USD Range Intact - One Way to Play a Break
AUD/USD has been consolidating within a 120-pip range for the past 6+ weeks, and there are no imminent signs of that range breaking. However, forex traders may still want to prepare for a potential bullish breakout (helped along by a hawkish RBA meeting and weak US retail sales data).
In that scenario, a clean break above 0.6700 could open the door for a continuation toward the 78.6% Fibonacci retracement of the December-April drop at 0.6760 and potentially the December high above 0.6850. However, a false break could lead to a rapid reversal back lower, so risk management will be key.
-MW
In that scenario, a clean break above 0.6700 could open the door for a continuation toward the 78.6% Fibonacci retracement of the December-April drop at 0.6760 and potentially the December high above 0.6850. However, a false break could lead to a rapid reversal back lower, so risk management will be key.
-MW
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