AUDUSD traders patiently wait for the next break. Are you doing the same too?

The AUDUSD has been mired in a very narrow trading range to start the new trading day.

Yesterday’s trading range was not spectacular as well and comes after testing the July high on Friday and finding willing sellers. That sets the level near 0.67978 (call it 0.6800) a topside resistance target.

On the downside, the 0.67604 level has been a swing high and swing low going back in time including midweek last week before breaking higher on Friday. That level is the downside support target.

So although there is only a 40 or so trading range over the last 28 hours or so, the levels are set for patient traders to take advantage of a break when presented:

• Break below 0.6760 should open the door for further downside momentum
• Break above 0.67978 (call it 0.6800) should open the door for further upside momentum.

The above video outlines all the levels and explains why in detail.

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This article was written by Greg Michalowski at www.forexlive.com.