After ranging for months amid negative commodity news and tanking crude oil prices AUD USD has finally begun its descent below .7000 We expect this pair to continue under negative pressure for now. After months of rangy volatility in a 300+ pip range and whipsaw price action on positive and negative news and talk of a move up to .8000 we see this move lower as expected. SMART MONEY got everyone looking up and continued to frustrate the bulls who were buying dips and bears who were selling rallies. There were no winners in that range war.
As the price eases down and when everyone finally gets on board the short bus due to anemic crude oil prices SMART MONEY will eventually move this pair north. For now expect continued back and forth action in a smaller range as the bears sell rallies and bulls buy dips.