AUDUSD – peak indecision, or here we go again…

The recent downside break attempt in AUDUSD failed, and then we got a tease higher and now the pair is trading at an important support area ahead of the FOMC meeting tomorrow. 

Just a reminder today to cast a glance over at the AUDUSD chart as Aussie is looking a bit weak in the knees again in places and as the AUDUSD pair is trading near that key 1.0300 area that was pivotal on the way up (and as we descend off a short squeeze that teased bulls with a brief poke above the higher resistance of the 200-day moving average and flat-line resistance as well).

It would seem that the post-FOMC environment might provide the next larger move that could see the bigger range tested, though the risk is that we remain range-bound until the outcome of the US presidential election is known – or can the pair remain range-bound for so long. If it is going to break lower, then two more weeks of ranging looks like too long, so stay tuned and watch gold and risk appetite (particularly the recent lows in the S&P500) as confirming indicators on any downside action if we begin to look toward that 1.0150 area again.