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.

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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.

audusd-14-august-2014

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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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