The aussie also looks to be in the same yen trap as other majors
Here we go again with more yen buying dragging everything else down with it.
AUDUSD has fallen to near the 200 dma at 0.7551, and has further support in the 0.7540/45 area too.
AUDUSD Daily chart
There's some good looking support down around 0.7515/20, some of which was around when I took a long down here back in early March. The 0.7490 level still remains the main line in the sand on this 0.7500-0.7700 range we've been playing for so long.
I'm going to keep my eye on the 0.7520 level with a view for a small long. A stop can be kept fairly tight just under the 0.7490. My main doubt for the trade is that it's being driven by other forces (yen) so it's the crosses in control, not the major. When that happens extra caution is advised.
Looking at the other side, shorts into the clutch of H4 ma's stuck together in a 5 pip range at 0.7634/39 is something to look at for shorts.
AUDUSD H4 chart
Again, that can be kept quite tight with a stop above the 22nd & 30th March highs at 0.7680/85, or maybe stretch the wallet to another short around 0.7695 with a stop just above 0.7700.
There's plenty of ways to play this one and with such a strong range in play it's fairly low risk playing the edges.
