The AUD/USD has been ranging with a very low ATR (58), indicating low momentum in the market. At this point we can spot 2 possible zones for either a trend (POC) or counter trend move (POC CT). Slightly bullish bias has been prevailing in the market and POC for long trading opportunities comes within 0.7660-70 (trend line, 78.6, L3, ATR pivot). Target is 0.7725. However if the pair gets to POC CT (historical sellers, ATR projection high) 0.7720-35 it could provide a counter trend opportunity towards 0.7660. Drop below 0.7645 would put the pair in a high range scenario.
