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FX Reversals: AUDNZD Range Reversal Update

FX Reversals: AUDNZD Range Reversal Update

2014-09-02 13:10:00
Walker England, Forex Trading Instructor
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Talking Points

  • AUDNZD Stays Range Bound
  • R3 Resistance Sits at 1.1147
  • Market Breakout Signaled Below 1.1114

GBPUSD 30min Chart

FX Reversals: AUDNZD Range Reversal Update

(Created using FXCM’s Marketscope 2.0 charts)

The AUDNZD has opened the trading day quietly, while continuing to move in a defined trading range into the U.S trading session. Price began trading by dropping to range support at 1.1125 before moving back to resistance levels. Range resistance is currently found at 1.1147, near the R3 camarilla pivot. Again after the first test of resistance price remained range bound moving back to identified support. At present, price is again attempting to hold under resistance and clear the pairs 22 pip range. So far price has traversed the range three times today, and range reversal traders will look for these conditions to continue in the absences of a breakout.

Traders should always be mindful of a market breakout, which would signal an end to ranging markets. A move below the S4 camarilla pivot would indicate the market is attempting to break to a lower low, counter to the current daily trend. Conversely a break above the R4 support at 1.1158 would signal a strong continuation on the creation of a higher high. In either breakout scenario, traders may select to end any range based positions, while looking to take orders with the markets influenced direction.

FX Reversals: AUDNZD Range Reversal Update

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

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Previous Market Setups:

FX Reversals GBPJPY Begins Week at Highs

FX Reversals: EURCAD Moves to Range Support

FX Reversals: GBPUSD Tests Resistance on News

FX Reversals: NZDUSD Moves to Resistance

FX Reversals: GBPUSD Reversal Range Update

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