The AUD/USD Sideways Consolidation Continues

Although AUD/USD broke out above the (MA)89 indicator on the weekly time-frame which has served as a resistance level for well over a year now the pair still has not been able to continue moving to the upside and has been stuck in a relatively wide sideways consolidation between the aforementioned indicator at 0.7600 and the resistance at 0.7740. In the process of that consolidation the pair has formed a doji candlestick as well as a pair of spinning top candlesticks on the weekly time-frame again, and so far there is no indication that there will be a breakout in either direction. Since such candlesticks are a signal for indecision, rather than outright reversal, it still quite possible for the pair to continue moving to the upside towards the next target at 0.7800, not to mention that the (MA)89 indicator on the weekly time-frame used to be a very strong resistance, and it is now a strong support level, which will be difficult to overcome.