Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

AUDUSD Pulled Back From 0.7989

Under pressure by the top trend line of the price channel on its monthly chart, AUDUSD pulled back from 0.7989 and moved sideways in a narrow range between 0.7875 and 0.7989. As long as 0.7830 support holds, the sideways movement could be treated as consolidation of the uptrend from 0.7571. Another rise towards 0.8150 is still possible after the consolidation and a break out of 0.7989 resistance could signal resumption of the uptrend. On the downside, a breakdown below 0.7875 support could take price to the next support level at 0.7830, below this level will indicate that lengthier correction for the uptrend is underway, then the following correction pullback could bring price into 0.7750 zone.

AUDUSD 4-hour Chart

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.