Backdrop: When we look at the 1H AUD/USD chart, we see a market that is consolidating in a narrow range roughly between 0.7745 and 0.7875. Last week’s strong US NFP jobs report held the pair from going above 0.7875, but failed to push it below the range support area as we can see in the 1H chart below:Consolidation: Today (2/10), traders faded the AUD/USD before it was able to test the consolidation resistance, and now price is holding just above the range support. Now this failure to reach the top can be a sign of weakness, suggesting that AUD/USD has a good chance of breaking below 0.7745. A break back above 0.78 ... (full story)