On Tuesday we talked about the AUDUSD, we mentioned that it was trading in a short term range in between 0.9363 and 0.9234 therefore the Australian dollar needed to break that range before starting to look for trade opportunities.
Well, its out of that range now, it broke through the bottom of the range and it is now in a bearish market condition, here is the chart:
Since we are in a bearish market condition, we should only look for short trade opportunities.
Here is my trading plan:
As long as the Australian dollar continues to trade below 0.9234 I will be looking for short opportunities. My next long term support level is at 0.8950
All long opportunities will be ignored.