The AUDUSD is mired in a narrow 70-pip trading range this week. The low was reached at the high of a swing area at 0.65504 (swing area down to 0.65417). The high reached up to the high of a swing area between 0.6612 to 0.66215. In between is the 200 day MA and the 50% of the move up from the October low. Today, the lows have been able to find support near the 50% midpoint, but is being tested once again. If it can be broken it would shift the bias toward the low of the swing area down to 0.65417.
In the video, I speak to the levels in play and what a break outside the narrow trading range means in terms of the next major targets.
This article was written by Greg Michalowski at www.forexlive.com. Source