The AUD/USD pair has been trading in a very quiet manner after marking a new low on the year at 0.8087. After a week of low volatility, the AUD/USD is poised for a bullish correction.
The 1H chart shows a mini price bottom confirmed. The 4H chart shows that indeed there is a bullish correction forming. It also shows a 0.83 and 0.8370 as possible resistance pivots. 0.8370 is also where the 200-period SMA in the 4H chart resides. The daily chart shows that if price indeed approaches 0.8370, there will be a falling trendline to challenge the bullish correction. So, as price gets back into the 0.83-0.84 area, we should start looking for clues of topping, which can lead to the next round of selling.
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