Happy Corner: Aussie (AUD) pairs

[jamessheppard]

Did anyone get in on this trade?

[happypip]

Did anyone get in on this trade?

I jumped in a long trade! Although I didn't catch the best possible price at the 1.0200 bottom, I was able to catch a part of the trend by buying at market (1.0260) yesterday.

How about you? Did you go long also?

[happypip]

Wondering why AUD/USD is easily breaking above the rising channel on the 4-hour chart? Maybe it’s because some traders are looking at the longer time frames! If we use the weekly chart, then the next possible resistance will be the 1.0750 handle near the top of the falling channel. That’s 200 pips away, folks!

[Kasqade]

Interesting. Gonna wait and see. I would agree that there is definitely confirmed support on the bottom trendline but determining the top still presents a challenge.

[SimonTemplar]

Wondering why AUD/USD is easily breaking above the rising channel on the 4-hour chart? Maybe it’s because some traders are looking at the longer time frames! If we use the weekly chart, then the next possible resistance will be the 1.0750 handle near the top of the falling channel. That’s 200 pips away, folks!

I agree with you, and it is a great study in looking at a number of timeframes - but looking at the Daily, the top of the channel coincides with a big number (1.0500), Price is overextended away from the ema's, we're in the top half of an overall range (and ranges have been pretty rough across the board, recently), and there is a little RSI divergence creeping in, too. So while I agree with you, I have a short order in place just in case!! I placed it late last night (GMT) - if it does not trigger and Price actually simply pushes further up then I will certainly get interested again around that level that you have highlighted on your Weekly (it's on mine, too). The biggest thing that I have worked on recently is being prepared quickly to switch my bias between long and short without hesitating too much. Interesting analysis, though, thanks for posting, nice to see a clear chart for once on BP!!

ST

[jamessheppard]

I think I will need to see a strong push away from the H4 channel as at the moment it is still hovering around the topof the channel so I think price could go either way today/tomorrow.

[SimonTemplar]

I think I will need to see a strong push away from the H4 channel as at the moment it is still hovering around the topof the channel so I think price could go either way today/tomorrow.

Agreed - if today's Daily closes as a high test then I am interested, will look at an order. If it closes above the channel then I'll jog on to the next setup.

[Kasqade]

looks like the AUD/USD may be following the daily channel.

[jamessheppard]

looks like the AUD/USD may be following the daily channel.

I wouldnt be so sure. It is still around the top of the H4 channel and has not pushed away from it yet. It still could end up reversing this week. ( I take it you were talking about the longer term channel best seen on the weekly chart).

[Kasqade]

And it looks like the daily worked. But I COULD be wrong.