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AUD/USD finds some buying strength - 2ndSkies

FXStreet (Bali) - AUD/USD is stuck in ranges, the small one between 9050 and 9112, and the larger one between 8980 and 9112, notes Chris Capre, Founder at 2ndSkies Forex.

Key Quotes

"After a small bounce in yesterday's Asian session forming a double top intra-day. In the same token, it sold off to the prior swing bottom forming a double bottom in the process."

"From here, the Aussie did finally find some buying strength, and took out the 9050 double top resistance with ease, making a new swing high and thus injecting some two-way direction into this market."

"For now, short term the impulsive price action momentum is slightly with the bulls after taking out 9050, but it still needs to clear 9112 near term to bring in more to the party."

"For now, watch these two levels for a break to determine the next direction. Until then, consider two ranges here, the small one between 9050 and 9112, and the larger one between 8980 and 9112."

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