Forex Strategy: AUD/USD May Offer Entry Near Edge of Trading Range
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- AUD/USD Technical Strategy: Pending range trade
- Consolidation continues between support and resistance
- Awaiting key reversal signal at range extremes for entry
The AUD/USD continues to search for direction as the pair hovers around the 90 US cent level. Traders have kept prices contained within the 0.8920 and 0.9065 range over the past several weeks. Without a clearer indication of a trend we are left with a neutral technical bias for the pair. However, opportunities may arise at either extremes of the trading range alongside a key candlestick reversal pattern.
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Four Hour Chart - Created Using FXCM Marketscope 2.0
--- Written by David de Ferranti, Market Analyst, FXCM
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