Range bound price movement observed in AUDUSD for the past 6 months. 1.06 handle is a key resistance level. A break above 1.06 would provide traders with more confidence to go long AUDUSD with a possible stop loss region around 1.0379 which is the 38.2% retracement level and coincides with the Kumo region. Kumo indicates a region of support or resistance.
A similar consolidating picture is seen on the weekly chart shown above. This comes after a prolonged bull rally since 2008.
Nice post! Thanks.
Thanks Ben