AUD/USD Analysis (July 31)

As expected, we did see a meaningful correction on the pair last friday but the market has found some good support on top of 1,09 following the bad US GDP release.
The AUD/USD is currently trading at record highs and the long term trend is definitly not in question, particularly after we saw a confirmation of the daily range breakout.
It is difficult though to build a long strategy at current price level as it seems the market might be consolidating over the coming sessions thus we will stay on the sidelines and see how things develop.