The AUDUSD continued to slowly grind higher in a narrow channel on Wednesday. To say the pair was trading with any true conviction would be an overstatement. At the moment the cross seems content to register slightly higher highs and lower lows. A break of the channel could expose the pair to a move towards 1.0630/50 region. This level is composed by daily price resistance at 1.0630 and the monthly declining trend line that has capped price action near 1.0650. A push to the bottom of the trend line could find support as soon as 1.04.
Sup 1.0435 1.04
Res 1.0485 1.0630/50
Keane Plan...Watching price action at the channel top at 1.0485. A larger head and shoulder could be in the works.
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