AUD/USD analysis (July 17)

The pair is now back under pressure after a new fail at the top of its range (1,08).
Considering the latest price actions, we now expect a new test of 1,05 with a possible extension towards 1,0450 (daily bollinger band).
The pair will continue to range trade as long as both limits of the range remain intact.
It is worth noting that the pair is showing some signs of weakness on the weekly chart with the formation of a possible lower top combined with studies pointing to further losses. We will keep a close eye at the bottom of the range over the coming sessions.