Overview:
AUD/USD: According to previous events, the price has still been trapped between 1.0410 and 1.0360. Therefore, first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 1.0300 with a first target of 1.0405 and it will climb towards 1.0470. However, if the pair could not break 1.0490, hence the market will indicate a bearish opportunity below 1.0490, then the level will really act as strong resistance, for that it will a good sign to sell below 1.0490 with a first target of 1.0413 and it will call for a downtrend in order to continue bearish movement towards 1.0357 (50% Fibonacci retracement levels).
Observation:
Range is a long-term reversion strategy that looks to go against strong divergence from the pair’s average value. It will typically hold trades for an extended period of time and is one of the slowest moving trading strategies.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.