AUD/USD: Pick a 200 pip range for this week
The downtrend in AUD/USD is quite strong but it’s already come a long way and the AUD looks reasonably strong on the crosses especially against the European currencies. That sounds like a recipe for range trading and I’d use this mornings opening levels at .8200 as a mid-point for the week.
There is short-term resistance at .8225 which might cap prices initially and any dips towards .8150 on the day will meet with grateful buyers. Outside of that I’d look to play .81/.83 and if I were forced to choose, I’d go with a cautious bullish bias.