AUDUSD is currently approaching an important level 0.9250. In the current scenario, this level is important to determine the trend for AUDUSD for next couple of weeks.
If we consider the short term trend, which is downward, then the move towards 0.9250 can be seen as retracement and we should expect AUDUSD to take a dip after touching 0.9250 level. So we might see traders focusing on that theory, selling AUDUSD around 0.9250 with small stops.
If we consider the long term view, then AUDUSD is resuming its upward trend after completing its retracement below 0.9200 level. The trader with this theory must already be buying AUDUSD. If AUDUSD manages to break above 0.9250 level, then the long term move will be confirmed and we might see some good buying till AUDUSD touches 0.9350 level.
For a conservative traders, it is advised to wait till AUDUSD touches 0.9250 and see how things settle out to make its move.
No comments:
Post a Comment