Happy Corner: Aussie (AUD) pairs

[happypip]

AUD/USD is treading so close to the top of the rising channel on the 4-hour time frame that it looks like bulls are gathering enough energy for an upside breakout. However, a bearish divergence is in the works, suggesting that a drop might take place if the 1.0600 major psychological level holds.

[SimonTemplar]

AUD as the new safe-haven maybe? Forex Gump has a couple more reasons why AUD has been rallying like crazy lately: 3 Reasons Why the Aussie Has Been Burning Up the Charts | Forex Blog: Piponomics

How long do you think this rallies will last though? Enough for AUD/USD to take out the 1.0600 mark?

With all the other factors affecting other currencies it could shoot up to anywhere! Crazy times. I certainly think that we will see 1.0750, but would not be at all surprised to see 1.0850. If we hit that level then I'll certainly look for a Short.

Strange days, I'm proceeding with caution this week. August is never that great at the best of times, so I'm not really enjoying it at the moment.

[Kasqade]

august is never that great at the best of times, so i'm not really enjoying it at the moment.

july wasn't either!!!!

[SimonTemplar]

july wasn't either!!!!

Lol fair point!

[jamessheppard]

I dont know about your charts but on mine i see a bearish hanging man and a nice long beraish candle is being formeed as we speak (4 hour chart). This is right on the upperr channel line so could it mean it is holding? I also see some bearish divergence on H4 and D1 charts with both stochastics pointing down. I am sooooo un-decided if i should go short because, as you said, I was expecting a bullish break!

[MoMo87]

Same I have been waiting for an opp to go short, I also the see bearish divergence and the bearish hanging man you noted on the 4hr chart, but I not confident either way. Gonna just wait for news out of AUS and China to come out on Thursday before I do anything.

[happypip]

Same I have been waiting for an opp to go short, I also the see bearish divergence and the bearish hanging man you noted on the 4hr chart, but I not confident either way. Gonna just wait for news out of AUS and China to come out on Thursday before I do anything.

Better than expected results (Australian jobs data) again! Couple this with the less dovish RBA statement the other day, and it looks like AUD has room to go further north. Technicals, on the other hand, are really not agreeing as all the signs seem to hint that a correction is overdue.

So, how will you play AUD/USD now that the Australian and Chinese data are out?

[happypip]

I dont know about your charts but on mine i see a bearish hanging man and a nice long beraish candle is being formeed as we speak (4 hour chart). This is right on the upperr channel line so could it mean it is holding? I also see some bearish divergence on H4 and D1 charts with both stochastics pointing down. I am sooooo un-decided if i should go short because, as you said, I was expecting a bullish break!

Same here! Undecided too! When in doubt, stay out, I guess?

[SimonTemplar]

Same here! Undecided too! When in doubt, stay out, I guess?

Always!! I'm seeing nothing in the chart to give me a definitive read on direction, I could make a case for both short and long. So I'm sitting on my hands.

[jamessheppard]

Same here! Undecided too! When in doubt, stay out, I guess?

Yep i noticed this morning you have gone long. Am i right in thinking that both your orders have been triggered now? Looks like it went quite close to your stop not long ago. I see a nice resistence turned support level at about 1.0535 which I am going to go long from if price drops that far and i see some price ation conformation. Lets hope it hits your profit target and then reverses so I can go long as well!!