Talking Points
- AUDUSD Moves to Support at .9431
- R3 Range Resistance Sits at .9476
- Price Under S4 Signals a Breakout to New Lows
AUDUSD 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
The AUDUSD spent most of the overnight trading session reversing between key points of support and resistance. With price failing to break out below S4 pivot support, range traders will look to take advantage of prices reversals back into the defined trading range pictured above. Currently range support for the AUDUSD is found at .9431 as denoted by the S3 pivot point. With price above this pivot, range traders can consider new buy entries in anticipation of an early morning price reversal . Range resistance currently stands at the R3 camarilla pivot which can act as potential range targets near .9476.
Range reversal traders should always be cautioned of the potential for a breakout . A move below the S4 support line at .9409 would signal a short term move towards lower lows, and signal a change in current market conditions. At this point, range trading should be concluded and traders can consider entries with the markets new influenced direction.
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---Written by Walker England, Trading Instructor
To contact Walker, email [email protected] . Follow me on Twitter @WEnglandFX.
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