Taking a look at the daily charts across the AUD spectrum, we can see that almost all of the pairs are pushing into a clear daily resistance zone.
If you’re an aggressive trader then you can sell as soon as price hits the zone, but for me there is no point jumping in front of a moving train and fighting momentum when you have no idea if it’s going to pull up or not.
From here the safest play is to wait and see if the higher time frame level holds, and then to sell any short term pull backs.
Just one final point that we can take onto the @VantageFX Twitter account, everyone has that one currency pair that they just can’t work the personality of and therefore don’t touch because they feel like every time they do, the trade goes against them. For me, this is anything Swissy (which you see I have casually avoided posting here!)
Open an ECN forex account with leading Australian forex broker, Vantage FX and take advantage of opportunity trading the Aussie.
Dane Williams – @VantageFX
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