AUDUSD – Daily Pin Bar Close to Range Resistance
AUDUSD – Approaching Large Range Resistance
Today the Aussie formed a daily pin bar near key resistance of the two month range, just poking above 9400 on the day, rejecting lower, but still closing bullish. Considering we have bad back to back pin bars, along with 4 bull closes in a row, I’m not ready to sell this pin bar. I’d prefer to see the price action rise closer to the resistance between 9425-9460 before considering a short.
Our Trade Idea: Look to be a seller on a move into 9425-60 and expect the range to continue. I’ll maintain this range bias until we get a break and close above 9460. Downside targets will be 9330 and 9225.
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