Quote:
Originally Posted by John Kicklighter
AUDUSD has been offering ridiculous range trades recently. Volatility has experienced high volatility but been contained to a pretty tight 0.95-0.9650 congestion zone for three week's now.
I'm not going to try to take part in this range - a little too tight for my liking. Anyway, I'm still long AUDJPY. Like that pair better because it still has a lot of upside potential, where the dollar is trying to find its footing. Nonetheless, could have a pretty big breakout from AUDUSD soon. I may play a break above 0.9650 (especially if it follows a fake break of 0.95 before the rising trend kicks in) or a break below 0.9425.
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We're below the range support and now back testing the rising trend around 0.9465/75. If I weren't long AUDJPY already, I would take an exploratory long position in AUDUSD to the upside. Maybe I will take some very small size that I can build up on signs of a real recovery...
A breakout to the downside, I would certainly jump on as there is lots of room to run and it would hedge my AUDJPY position.
