AUDUSD → Readiness for distribution within the uptrend

AUDUSD breaks through the resistance of a wide trading range (consolidation) and is preparing for growth. Important news ahead...



Ahead of the Fed's interest rate meeting, the dollar broke its upward trend and is storming support, hinting at a readiness to fall. The probability of a rate cut is 90%, and a fall in the dollar could trigger growth in the currency pair.
The currency pair is breaking through the consolidation resistance at 0.6628 and forming consolidation in a long zone. A trigger of 0.6649 appears on the chart - a breakout and close above this zone will trigger growth and a distribution phase.

Resistance levels: 0.6649, 0.67, 0.68
Support levels: 0.6628, 0.6581

Before rising, the price may test support (the previously broken trading range boundary). However, a breakout and close above 0.6649 could trigger a distribution phase towards 0.67-0.68, especially against the backdrop of a weak dollar...

Best regards, R. Linda!