The AUDUSD is trading at an important long term resistance level (blue line):
I would like to see the AUDUSD out of the short term range before think about opening a position here.
Here is my Trading Plan
If the Australian Dollar breaks the top of the short term range, I will be looking for long trading opportunities. All take profit orders will be placed below the next LT resistance level around 0.9638.
If the Australian dollar breaks the bottom of the range, I will be looking for short trading opportunities. All take profit orders will be placed above the next LT support level around 0.9022.
If the market keeps trading in between the ST range, I will do nothing.
The Aussie broke an important resistance level around 0.8192, its also trading above the short term resistance range, which validates the long term break out, so as long as the AUDUSD keeps trading above 0.8192, I will be looking for long trading opportunities. Take a look at the next chart.
Here is my trading plan:
As long as the market keeps trading above 0.8190, I will be looking for long trading opportunities targeting 0.8450.
A short trade in the AUDUSD has just been triggered.
The long term charts in the AUDUSD are behaving just in a pretty big range in between 0.7242 and 0.6080. Of course there are several important levels in between those two extremes, one of them being 0.6350. The market bounced off that level and gave us a short signal.
So right now I’m short at 0.6305 and I’m looking to take profits around 0.6110. If the market goes against me, I will take a loss above 0.6360. I will also watch closely how the market behaves at the next short term support level 0.6253, will see what happens…
Good luck in your week! I’ll keep you updated about the development of this trade…
Today most pairs are expected to trade in a tight range, why expected? Because its how they have been trading in the last couple of days. After the sharp moves we saw earlier last week they need to take a rest!
So, for most of them we will be trying to play de range, buying near the bottom of the range or going short at the top of the range. And obviously, all take profit orders will be placed at the opposite extreme (nothing more).