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AUD/USD Simple Range Play (June 12, 2014)
AUD/USD is finding resistance at the top of its range, visible on the 4-hour forex time frame. At the same time, stochastic is moving down, which means that there’s enough selling pressure to push price down.
A strong selloff could last until the bottom of the range near the .9220 levels. A weak one could only last until the mid-range area of interest near the .9300 major psychological support.
Shorting at market with a tight stop above the previous spikes or the .9450 handle and a target of .9200 could yield a high reward-to-risk ratio but it might be prudent to adjust the stop to entry once price tests the .9300 area.
By Kate Curtis from Trader's Way
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