AUD/USD has been pacing backwards and forwards inside its vary since March, but it surely appears to be contemplating a breakout quickly.

As you’ll be able to see from the 4-hour chart beneath, the pair has been hovering across the resistance on the .6800 deal with for fairly a while.

Now this marks its fourth try to bust by way of the ceiling up to now couple of months. Will it lastly succeed this time?

AUD/USD 4-hour Foreign exchange Chart by TV

If it does maintain a bullish break, value is likely to be in for a rally that’s no less than the identical top because the vary sample.

That’d be roughly 200 pips yo!

However what are technical indicators saying?

Transferring averages are nonetheless oscillating to mirror sideways value motion, however the SMAs look like turning greater and the 100 SMA is likely to be going for a bullish crossover.

Stochastic is on center floor, additionally signaling consolidation, however pulling greater would affirm a return in upside momentum.

Nonetheless, if sellers nonetheless win out, AUD/USD might retreat to the underside of its vary on the .6600 mark or no less than till the world of curiosity on the center.

The latter coincides with the dynamic help on the transferring averages, which might make it a viable help zone.

Simply take into account that the U.S. greenback is underneath some promoting strain currently, as merchants are cautious of “delicate recession” dangers, banking contagion troubles, and debt ceiling points.

In distinction, the Australian greenback has drawn help from a comparatively upbeat RBA coverage stance, in addition to rising gold costs.

Nonetheless, a return in risk-off flows might wind up favoring the safe-haven greenback, so higher keep looking out for main shifts in market sentiment!