The AUDUSD has been moving in a box or range over the previous two weeks. As with most other USD pairs, the Aussie experienced a strong move during the last session of the week.
This strong move has now placed price right under the upper level of the current range, which is holding at this stage as resistance.
The best play at the moment may be to wait for price to break out either higher or lower from this range. Once that has occured it will be a lot clearer whether the bulls or bears are in control and whether Price Action traders should be looking to go short or long.
AUDUSD DAILY CHART
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