$AUDUSD is continuing to trade in a big range Forex Trading
As such, traders should consider shifting their focus away from the bearish flag drawn on the chart and start looking at more consolidation.AdvertisementTo better understand the market's direction, traders should continue to view the world through a risk appetite spectrum. The Australian dollar is highly correlated to the commodities markets and Asian growth, so fluctuations in these areas will impact the currency.
Conversely, if it breaks below the lows of the last couple of days, it could reach the 0.66 level, an area that has been in massive support. The market is currently in a consolidation area between 0.68 and 0.66, and whether it will break out in one direction remains to be seen. Traders should consider the market's behavior in the coming days and weeks to determine its direction. If the market continues to exhibit consolidation behavior, it may be best to take a wait-and-see approach until more clarity. However, if it breaks out in one direction or the other, traders should be prepared to act quickly to capitalize on potential opportunities.
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