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:
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.