AUD is heading into volatility. For the past 2 weeks, we had prices moving sideways. Currently price is finding it hard to break the 0.7976 and 0.8027 resistance area. At the same time, it is supported by the uptrending channel. There are 2 possible moves here
a) Scenario 1 – price finally break resistance and trade till next resistance at 0.8198.
b) Scenario 2 – price break support and moves down. I would then look for support area of 0.7587 – 0.7526 to look for buys. The lowest support area to buy is 0.7385. Any lower than that would need a review from me.
No matter what, my main trend for the AUDUSD for now is a BUY. Its only a matter of where we are buying.