Australian/U.S. Dollar Is Approaching Key Resistance
NEW YORK ( TheStreet) -- AUDUSD -- Looking for Aussie/dollar sell signal from resistance
The AUDUSD has been trending lower for the last month. This week, it's been retracing higher and is now approaching key resistance up near 0.9330.
To trade in line with the recent downtrend and bearish momentum in this market, we are watching closely for a price action sell signal up near 0.9330 and up to about 0.9375. If we get an obvious four-hour or daily chart sell signal in that key resistance zone, we will consider a short entry to trade back with the downtrend.
Copyright 2014 -- LeanToTradeTheMarket.com This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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