AUDUSD - Key Support/Resistance Target
Updated
The AUDUSD has had a nice climb since December. It has now arrived at a key S/R zone. If it breaks through, I will wait for retest before buying in. If it breaks down, I will also wait for the retest before shorting it. I am slightly biased toward the downside, but I will wait for confirmation before making a move.
If it does break down, then there is a high possibility of it re-testing the S/R zone again, it might be a good opportunity for a quick long entry to capture that move.
There is upcoming news, so do be careful and let the volatility play out before getting in. Good luck traders!
If it does break down, then there is a high possibility of it re-testing the S/R zone again, it might be a good opportunity for a quick long entry to capture that move.
There is upcoming news, so do be careful and let the volatility play out before getting in. Good luck traders!
Note
I'm seeing that NZDUSD has solidly passed it's S/R zone. Seeing as how the two are close cousins, I will keep that in mind in regards to my decision toward a position with AUDUSD.Trade active
Short @ 0.75076S/L @ 0.75231 (-20 pips)
1st Target @ 0.74350 (+72.8 pips)
Trade closed manually
Not moving very much, I'm assuming market is anticipating Yellen speech later today. Don't want to risk volatility, so I'm out for now at +1 Pip! :D
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