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AUD/USD's Lackluster Price Action at Resistance

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Direct from the desk of Dane Williams.



After AUD/USD completed its textbook v-shaped recovery, the pair has gone absolutely nowhere.

We've now had a month's worth of price action since we last spoke about the Aussie and the pair has barely moved 250 pips in any direction.

What is this, Bitcoin?!

Take a look at the Aussie daily chart below.

AUD/USD Daily:

Look at that price action as price sits right on top of resistance. We're just going absolutely nowhere and the Aussie just remains a wait and see at this point.

Just remember that while the AUD/USD price action may be lackluster, it's still highly technical in that we're respecting support/resistance zones.

If higher time frame resistance holds, then we wait for an intraday retest of short term support turned resistance to short off and manage our risk around.

Best of probabilities to you,

Dane.



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