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A Range Bound AUD/USD Presents Scalping Opportunity

A Range Bound AUD/USD Presents Scalping Opportunity

2010-03-31 15:16:00
John Rivera, Currency Analyst
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Key Technical Levels
 
audusd1
The AUD/USD has found itself in a 250 pip range for the month of March between 0.900-0.9250 as broader trends continue to remain directionless. Support at the 20-Day SMA 0.9141is firming and limiting downside risks for the pair. The technical level is also an ideal level to target for entering and exiting positions. The 3/17 high of 0.9254 marks the upper bound and provides another identifiable level. 
audusd2
audusd3
 

Quantitative Metrics 
 
The AUD/USD’s Bollinger band continues to narrow and at 247 pips is the second lowest width amongst the most traded pairs. An extended range has seen the pair’s variation shrink which is ideal for using scalping strategies. The pair’s ATR of 84 pips also makes the case to target the pair for high frequency strategies. However, the extended period of condensed price action warns of a potential breakout and a one week implied volatility reading of 10.365 lends support to the notion of future volatility. 
audusd4

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