AUDUSD Update

Yesterday we wrote an article about the possible bullish market condition of the AUDUSD, and it was bullish, but it only last for a few hours. The AUDUSD came back to the neutral territory and stayed there for a while.

Things have changed today though, earlier this morning we saw the AUDUSD break the short term support level which puts the Australian dollar in a bearish market condition.

AUDUSD
AUDUSD

I don’t like it when we see any pair changing from bullish to bearish and vice versa, but if we take a look at the daily chart its clear that the market was rejected from the resistance level (we had a false breakout last Wednesday).

Also take in consideration the AUDUSD is trading below every important level in the short term charts, so everything is in line now.

Anyway, here is my trading plan:

As long as the market keeps trading below 0.9259 I will be looking for short opportunities. The next LT support level is at 0.9993

All long opportunities will be ignored.

Trade Safe

Raul Lopez

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .