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AUD/USD: rising within sideways consolidation

Published 09/01/2014, 10:31 AM
Updated 07/07/2019, 08:10 AM

The aussie is stuck in a sideways consolidation after rebounding off the January lows. There is a slight upside bias within the consolidation, visible on the 4-hour chart, and if the exchange rate manages to breach the 0.9373 highs it could lead to a move up to the top of the range, and the down-sloping consolidation highs at around 0.9414.


The short-term trend before the consolidation was up and so this favours a breakout to the upside, eventually, continuing that trend, however, this would be against the grain of the longer-term down-trend; whilst the secular trend is bullish, further complicating the picture.
AUDUSD01

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