AUDUSD: Bullish market condition, trading in a LT range
Most pairs are trading near or at an important long term level, on those pairs we need to wait for further confirmation before looking for a trade opportunity, so… patience…
One of the few trade opportunities today I think is on the AUDUSD. It is trading in a long term range, in between 0.9298 and 0.9025:
It was rejected from the main support level, is it is expected that the market continues its way up until it reaches the next LT resistance level around 0.9298.
We got to be careful though, we could see a retracement in the short term charts to the 0.9113 level.
Here is my trading plan for the AUDUSD:
As long as the market continues to trade above 0.9113 I will be looking for long trade opportunities. My next LT resistance level is at 0.9296.
All short opportunities will be ignored.