$AUDUSD Continues to Find Support but Lacks Momentum
and, eventually, the 0.68 level, which has acted as the upper boundary of the consolidation pattern.
Given prevailing global economic uncertainties, it is likely that the market will continue to consolidate rather than make significant directional moves. The uncertain global economic outlook dampens the prospects for substantial risk-on behavior. Consequently, expect a noisy market environment and consider risk management strategies such as appropriate position sizing and well-placed stop-loss orders. Traders are likely to view the Australian dollar through the lens of a range-bound market. That being said, we will eventually see a breakout or breakdown, and open up a big move in general as well.
Ultimately, the Australian dollar found support around the 0.6620 level and approaches the lower boundary of its consolidation area. Key resistance levels, including the 50-Day EMA near 0.67, lie ahead. Given prevailing global economic uncertainties, the market is likely to consolidate, and risk management strategies become crucial. A breakout from the consolidation pattern may trigger a quick 200-pip move. However, concerns over global growth and the summer season may keep the market subdued for now. Traders should closely monitor price action and be prepared for potential breakout opportunities.
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