AUD/USD Continues Consolidating in a Price Channel

Neither the fact that the Reserve Bank of Australia lowered the interest rate twice, nor the NFP or any other kind of important fundamental events can end the consolidation in the price channel that I had spoken about over a month ago.

The channel is the same and the consolidation around the middle line of the Bollinger Bands indicator on the weekly time frame continues and it appears that it will keep doing so for at least a few more weeks.

Since we all know how important trendlines are to technical analysis, I am especially interested in what will happen when the pair reaches the resistance trendline of the downward trend channel (i.e. the purple trendline).

I think that the pair will most likely continue consolidating in the upward channel. Whether the market will prove me right remains to be seen.