The AUD/USD pair is trading around 0.6660 on Friday, continuing its upward trajectory after bouncing from recent lows. Analysts believe the pair might be stuck in a sideways trend.

Sideways Trend Analysis:

• Range-bound Market: The AUD/USD appears to be trading within a range between 0.6591 (floor) and 0.6680 (ceiling).
• Current Uptrend: The recent price increase might represent a temporary leg up within the established range.
• Potential Reversal: Reaching the ceiling (0.6680) could trigger a reversal and a move back down towards the floor.

Technical Indicators:

• Moving Average Convergence Divergence (MACD): A recent MACD crossover above the signal line suggests a bullish momentum, supporting the current uptrend.
• Japanese Candlestick Patterns: A bearish reversal pattern forming near the range highs could indicate a potential move down within the range.
• Confirmation of Breakouts: A decisive break above 0.6680 (bullish) or below 0.6591 (bearish) would require strong price action with long candles closing near their highs/lows or consecutive candles of the same color.

The AUD/USD is currently caught in a sideways range. While the MACD suggests a potential upside continuation, reaching the resistance level at 0.6680 could lead to a reversal. Watching for candlestick reversal patterns and confirmation of breakouts will be crucial in determining the future direction of the pair.