AUD/USD: Expanding its hourly range, breakout needed

The pair saw a false breakout away from its hourly range last Friday, which has resulted in the expansion of the range (new edges 7150-7090).

The current market structure is best suited to trade off the edges of the current range until further directional definition (see areas highlighted in red and green).

On higher timeframes, the dominant cycle remains to the downside, which suggests that any recovery is likely to come under increasing selling pressure, while the downside may enjoy further room for the price to run.