AUDUSD breaks free from trading range, bullish sentiment continues

Going into the FOMC rate decision, the AUDUSD was mired near the middle of an up and down trading range.

The FOMC decision sent the price higher, outside of the trading range and the race to the upside was on.

Today, the price continued it’s move to the upside and in the process extended above the 50% midpoint of the 2023 trading range. However, the price has been fluctuating above and below that level during the European and US trading hours. The good news is the low stalled within the area defined by the end of November high at 0.6676 and the beginning of December high at 0.6689. That area is a close risk level for the pair going forward.

In this video, I outline the dynamics of the technical driving the pair and what may hurt the bullish bias going forward.

This article was written by Greg Michalowski at Source