The New Range Before the Next Drop

FX:AUDUSD   Australian Dollar / U.S. Dollar
163 2 4
Hey traders how's it going, at this point right now the pair has formed a well defined range. Historically it does this before the catalyst to send it lower happens. Anyhow what I'm waiting for is a pullback and confirmation after the pullback to get back in short.

This chart is more or less just something to keep an eye on. Also for a contrarian trade would obviously be a long entry at this level with stops around the 0.6800 area with targets around the 0.72 and a second target of 0.73. But that's just what I would do if I was planning on putting on a contrarian trade, which I'm probably not. I'll keep you all posted if I do.

Happy trading. =)
Thanks for the heads up!!!
+1 Reply
Daniel.B harrisinfocorp
Hey no problem Harris, always glad to post my analysis on things. Thanks for the comment. =)
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