We are expecting more sideways price action in AUDUSD. First test of 0.9485 C=A 100% failed to breach; a possible ABC Flat correction underway.
The uptrend channel is still intact. A breach of 0.9485 fib 100% can extend gain to 1.618 extension towards 0.9550 area. While EUR, GBP are selling off against commodity currencies, we expect both AUD and NZD to continue sideways with light buying demand.
A break below 0.9420 should find supply distribution towards 0.9300 support area. The price range of 0.9400-0.9485 is critical to break for AUDUSD in order to see any potential big move. However, we do not expect to see any extended rally on the pair in the near-term.