AUDUSD: Trading at an important level

The AUDUSD has been trading in a short term range since Monday, what is interesting is that the range is near a long term resistance level:

AUDUSD
AUDUSD

This means that we need to wait for the market to break the range of 0.9234 – 0.9363 before we have a clear market condition.

Here is my trading plan:

If the AUDUSD breaks 0.9363 for the upside, I will start to look for long trade opportunities. The next long term resistance level is at 0.9517

If the Australian dollar breaks the 0.9234 for the downside, I will start to look for short trading opportunities. The next short term support level is at 0.8959

If the market continues to trade in the short term range, I will do nothing.

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 .