The AUDUSD is trading in a narrow 40 picked trading range for the first two days of the week. THat is not a lot. However just ahead is Australia’s CPI data for the month of July. With the range narrow and contained, traders should look for a break momentum in the direction of the break.
In the video I outline the next key resistance up near 0.6800. The high price from July and the high price from last week and early this week stalled just below that level.
On the downside, there is a key swing area not too far away at 0.6760. Yesterday the low price stalled against that level keeping the pair confined within the technical support and a technical resistance.
So traders will be watching those two levels for trading clues. Break above 0.6800 is more bullish. Break below 0.6760 would be more bearish.
This article was written by Greg Michalowski at www.forexlive.com. Source