AUD/USD daily chart
The pair continues to be stuck in a ping pong battle, mostly in between 0.6360 to 0.6500. The low earlier today touched 0.6395 before the dollar gave back some of its earlier gains but in any case, it continues to pit AUD/USD price action within the above range. As such, that is leaving traders with little conviction to work with in the bigger picture.
It will require either a break back above 0.6500 or a firm break under the September lows to really solidify the next movement leg in the pair.
And considering the circumstances, I don’t think we’re going to get much help from the RBA tomorrow. So, the US non-farm payrolls on Friday may yet be the deal breaker instead.
But at least for now, one can manage risks accordingly based on the extremes of the ping pong range. However, outside of that, there isn’t much else to really be too excited for AUD/USD for now.