As meaningful as it may be, I am certainly wary and adamant of going against the dollar in the long-term.
With that being said, the horizontal support and resistance were filled with emphasis on the candlestick's closing at the > highest tick volume.
Hence, the research inferred me to scale the portfolio into a short-term "Short: AUD/USD" as the range breakout might came to fruition at the expense of a false breakout as AUD/USD proceeds to test the lower range of the support illustrated on the chart attached.
Trade duration: 1 - 2 weeks.
Risk: Low
Cut Loss: A close above the range prior to Friday's market closing would automatically set the cut-loss strategy into fruition.
With that being said, the horizontal support and resistance were filled with emphasis on the candlestick's closing at the > highest tick volume.
Hence, the research inferred me to scale the portfolio into a short-term "Short: AUD/USD" as the range breakout might came to fruition at the expense of a false breakout as AUD/USD proceeds to test the lower range of the support illustrated on the chart attached.
Trade duration: 1 - 2 weeks.
Risk: Low
Cut Loss: A close above the range prior to Friday's market closing would automatically set the cut-loss strategy into fruition.