AUSUSD parks itself above 0.7700
It's deja vu for aussie traders as once more we push above 0.7700 but with a bit more gumption this time, by the looks of things.
The 0.7700/07730/40 area has been a very strong level of resistance.
AUDUSD H4 chart
Yes we've had peeps above but we've never managed to cement a break and losses have followed thereafter.
At some point we'll either bust the topside or head lower to break the downside but while we sit in this range there's trades for all. I kicked a long for next to break even the other day at the 0.7530/00 area and it held on to the last support point to the cent, and now here we are again at the top.
A low risk trade is a short against the day's high or a continued failure against 0.7730/40. 0.7780/85 is where I'd potentially look at a stop point but depending on how much risk you wanted to take, pushing that to above 0.7800 might keep you out of any stop run through the day's highs.
Ranges are ranges until they're not, and this one has been running well for a long while so the more we test them in a short period of time, the more we need to think about reducing the trade risk each time.
