AUDUSD - RANGE BOUND Description:
The counter AUDUSD is moving between the price range of 0.7691 and 0.7815 in a parallel channel. Both the flat-top resistance and the support base seem to be stronger. Therefore the counter is expected to continue in the parallel channel. Determining the trend is very difficult for this condition. Breakout of the parallel channel will specify the trend of the counter. Swing trading is more preferable for this condition. The Stop loss is mandatory for performing swing trading. Levels of the stochastic indicator will be very useful for swing trading.
The major levels for this counter are
R2 – 0.7805
R1 – 0.7782
PP – 0.7744
S1 – 0.7722
S2 – 0.7683
