AUDUSD - Key Support/Resistance Target

The AUDUSD has had a nice climb since December. It has now arrived at a key S/R zone. If it breaks through, I will wait for retest before buying in. If it breaks down, I will also wait for the retest before shorting it. I am slightly biased toward the downside, but I will wait for confirmation before making a move.

If it does break down, then there is a high possibility of it re-testing the S/R zone again, it might be a good opportunity for a quick long entry to capture that move.

There is upcoming news, so do be careful and let the volatility play out before getting in. Good luck traders!

Comment:

I'm seeing that NZDUSD has solidly passed it's S/R zone. Seeing as how the two are close cousins, I will keep that in mind in regards to my decision toward a position with AUDUSD.

Trade active:

Short @ 0.75076
S/L @ 0.75231 (-20 pips)
1st Target @ 0.74350 (+72.8 pips)

Trade closed manually:

Not moving very much, I'm assuming market is anticipating Yellen speech later today. Don't want to risk volatility, so I'm out for now at +1 Pip! :D