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A firmer bounce effort to end the week, through the down trend line from mid-November, which had previously capped.
This sees a bullish reversal, shift to a more ranging environment and a potential better base and more bullish tone through .8217.
Range Parameters: We see the range defined by .8217 and .8033.
Range Breakout Challenge
Upside: Above .8217 aims higher for .8276 and maybe .8376.
- Downside: Below .8033 sees risk lower for the psychological/ option target .8000 and the 61.8% retrace of the 2008-11 rally at .7950.
- We see an upside bias for .8217 ; break here aims for .8276.
- But below .8152 opens risk down to .8092.
Daily AUDUSD Chart
4 Hour AUDUSD Chart