What is particularly about this market is its adamant tendency to climb higher, even after the . Price keeps following the up slope within the up and is still above the major low in terms of slope. It hasn't reached 100% size projection of that big Sep-Oct 2013 swing up.
On the other hand, the upthrust above the price level of the last major swing high looks like a fakeout - price reached the 0.764 retracement level and vehemently turned back down. traders would notice a . Market has reached the upper border of the big channel it has been trading within since Aug 2013 .
And overall price action seems to be pretty much rangebound. And it's no wonder why - the of both AUD and the USD has been somewhat neutral, somewhat weak.
What's next? We can expect some price action , esp . as long as we're above the support of 0.932 level. If resistance at 0.946 holds, a swing down will probably begin. Otherwise, another breakout may be this time successful and we'll see it test the Oct swing high at 0.975.
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