#AUDUSD @ 0.66997 is trapped in familiar ranges on the lower timeframes.
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- AUD/USD is trapped in familiar ranges on the lower timeframes.
- Bears are lurking an eye a downside daily extension.
As per the prior analysis, AUD/USD Price Analysis: Bearish bias persists as bears take control at key daily support, and AUD/USD Price Analysis: Bulls look to 0.6750 but bears are lurking, where it was stated that AUD/USD showed no sign of correcting on a longer-term time frame basis, threatening a break of key support, the price has indeed been rejected by resistance and the focus stays with the downside.
The resistance has held and a downside extension is on the cards for the days ahead. However, we have some meanwhile consolidation occurring on the lower timeframes as the following hourly chart shows:
The W-formation is a reversion pattern that would be expected to draw in the price before it breaks upside resistance. This is leaving the shorter-term outlook stuck in a range as markets get set for the Federal Reserve.
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