AUDUSD is currently consolidating. Here are bullish and bearish scenarios for the pair.
Bearish Scenario The market is currently stuck within a horizontal range on a 4H. A breakout of its lower boundary - 4h candle close below 0.644 will most likely push the prices lower to 0.64 level.
Bullish Scenario Above current price levels, we have a solid horizontal supply zone on a daily. If the price breaks and closes above 0.654, we will expect a bullish continuation to 0.658.
Because the global trend is bearish, probabilities are higher that the market will keep falling. However, wait for a breakout first.
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