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AUDUSD t-line keeps pressure on, but break could lead to pop
AUDUSD remains extremely congested, so much so that its 2-week range when adjusted for current volatility ranks as nearly the smallest one seen in at least a year. Something is likely to give soon. Given the steadfast line of resistance running lower since January 2018, I will continue to run with a bearish trading bias. Right here, right now there is decent risk/reward for bearish bets as Aussie sits at the trend-line. A breakout beyond 7168 will negate a bearish bias, and possibly turn focus towards longs. A move lower, despite looking for some type of uptick in volatility, isn’t expected to be all that powerful at this time. Support just above 7000 and the lower trend-line near the mid-6900s will be initially targeted.
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AUDUSD Daily Chart (t-line resistance)
AUDJPY nearing top of well-defined range
AUDJPY is working its way back towards the top of a well-defined trading range around 7981. A test of the upper-bound will be viewed as a time to look for another turn lower, just as another push and touch of the lower-bound will be viewed as a time to look for a swing back higher. At some point the range will break, but until it does we have to operate with what is presented in front of us. A breakout should lead to a strong move when it does finally unfold, so those looking for candidates which could make big moves, AUDJPY is a good one to keep on the radar.
AUDJPY Daily Chart (Range for now, eventually breakout)
***Updates will be provided on these ideas and others in the trading/technical outlook webinars held at 9 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
