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Short

AUDUSD returns to channel on resistance retest

FX:AUDUSD   Australian Dollar / U.S. Dollar
The Euro             picked up early morning along with the Pound and Australian Dollar             , but the Greece debt crises soon put a damper on the optimism of the Euro             . In fact, this is when the Euro             zone accepted the new Greece debt proposal. It seems like they are willing to put up with Greece’s shenanigans just a bit longer.

Before we get to the Euro             pairs, the AUDUSD             is back into a ranging movement as it tests the resistance zone after what I expected to be a break-out sending the pair higher. The breakout was followed by two lower high fractals that served to test this zone once again.

The demand zone is by no means fresh, but given the propensity of the move we still mark it down for a future reference as a likely buying zone. I would not expect the movement to be nearly as strong, but would not rule out the fact that it would be non-existent.
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