Yesterday, the AUD/USD pair traded higher and closed the day in positive territory around the price of 0.6430. Today the pair was trading in a narrow range of 0.6415-40, remaining close to yesterday's closing price. On the hourly chart, AUD/USD is testing the strength of resistance - the moving average line MA (200) H1 (0.6425). On the four-hour chart, the pair still remains below the MA 200 H4 line. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
Probably, the main scenario is the resumption of the downward movement to 0.6390 (the low of the European session on Sep 11).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 0.6520 (Sep 1 high).
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