AUDUSD: Trading at an important resistance
The AUDUSD is trading at an important long term resistance level (blue line):
I would like to see the AUDUSD out of the short term range before think about opening a position here.
Here is my Trading Plan
If the Australian Dollar breaks the top of the short term range, I will be looking for long trading opportunities. All take profit orders will be placed below the next LT resistance level around 0.9638.
If the Australian dollar breaks the bottom of the range, I will be looking for short trading opportunities. All take profit orders will be placed above the next LT support level around 0.9022.
If the market keeps trading in between the ST range, I will do nothing.