AUD/USD looking to break
AUD/USD seems to have caught up in a sideways trend and is currently looking to break out of this sideways trend. Although break in either side seems to have equal indicators but the traders might consider especially for intra-day trade to buy AUD/USD around 1.0415 level for a small trader towards 1.0485 level. Although the range seems very tight but equally this gives the traders more chances to trade using a small stop level. The dip below 1.0415 will open up opportunities for traders looking to buy AUD/USD for a little extended profits and their focus will be around 1.0355 level. Break below 1.0350 or above 1.0500 might trigger an extended long term trend but till then traders will look for only small trades in AUD/USD.
Looking at the moving averages used in daily charts, it can be seen that the short term and medium term moving averages are below the current AUD/USD and long term moving average is above it. The traders will primarily look to enter around the short term moving average which is around 1.0400 level and the long term traders will look to buy around medium term moving average which is around 1.0350 level. RSI is just above 52 and seems to play no part at the moment.
For more, CLICK HERE
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.