Happy Corner: Aussie (AUD) pairs

[topdogmutly]

Do you think the rising channel on AUD/USD's daily chart will hold? This pair has been at it for nearly three months now! The next support seems to be at the 1.0400 area, but is a breakdown possible anytime soon?

I've been long since earlier today on this pair. I saw some reversal candles indicating that the trendline did hold and the price had bounced. Currently I am down 46 pips, have my fingers crossed on this one, but not too worried yet since it is the daily chart. Plus I searched and found your chart and got a bit more confidence.

Setup was long at 1.0489 (market), Stop at 1.0400, Target at 1.0700.

[pinto12]

Hey guys, first time posting on this forum. Anyway, im really excited about the aud.usd, and wanted to share my thoughts. Right now im up 80 pips from the move from the top, but this afternoons rally really bit into me. So im about to short the pair again. My stop loss is 1.0425, and my target levels will be 1.0300 and 1.0230. Wish me luck!

[bobmaninc]

Hey guys, first time posting on this forum. Anyway, im really excited about the aud.usd, and wanted to share my thoughts. Right now im up 80 pips from the move from the top, but this afternoons rally really bit into me. So im about to short the pair again. My stop loss is 1.0425, and my target levels will be 1.0300 and 1.0230. Wish me luck!

I like your style. My short from last week got stopped today for +100 pips. I will look to get in at 1.0550 but might take the rest of the week off because I can

[topdogmutly]

Hey guys, first time posting on this forum. Anyway, im really excited about the aud.usd, and wanted to share my thoughts. Right now im up 80 pips from the move from the top, but this afternoons rally really bit into me. So im about to short the pair again. My stop loss is 1.0425, and my target levels will be 1.0300 and 1.0230. Wish me luck!

AUD/USD is in a rising channel on the daily chart, and had just bounce from the bottom of the channel. I figure your stop has already been tripped.

[ForexMindGames]

Slightly frustrating week for me on the AUDUSD. It has not been trending and is moving in a yo-yo manner. Up down up down. The yo-yo movement is clearly evident on the 1 hour chart. It is hard to trade when prices move like roller coasters, up one moment, down the other moment.

On the daily chart, i do see a wave 4 on the Elliott Wave Count. According to Elliott Wave theory, wave 4's are especially prone to exhibit choppy behaviours. This might explain why we are seeing the yo-yo pattern on the 1 hour chart.

Some technical traders love Elliott Wave. Others dismiss it as mumbo-jumbo hocus pocus. To each their own. Elliott Wave requires constant adjusting of the wave count. Therefore i only use Elliott Wave on my daily and weekly charts. And i will only use it when necessary and when i see a clear wave count. I will post a daily chart to show the Elliott Wave Count soon.

[pinto12]

ya aud.usd is definitely following risk trends, and i know that it has a strong correlation with the sp500. I just dont see a channel break coming this soon. First because i think we retest the 1425 level on the s&p, and secondly because QE3 means a weakening of the us dollar. I might look to start cost averaging on a short starting at 1.0450.

[ForexMindGames]

AUDUSD is forming a nice Elliott Wave bullish pattern. I believe we are currently in wave 4, which is a corrective or counter-trend wave. One thing about Elliott Wave trading is that the wave counts require constant re-adjusting. To solve this inherent issue, I prefer to use Elliott Wave trading on the daily and weekly charts. And voila! Problem "solved!!"

The daily chart below shows the wave count.



On the 4hr chart, wave 4 is obeying a falling channel. Once price breaks above the falling channel, it should be the start of wave 5. Watch carefully and wait patiently for wave 5. It can a really powerful bullish up move.

[happypip]

I've always been a fan of retracement plays so this short setup on AUD/USD definitely caught my eye. The pair just broke below support around 1.0375 but seems ready to pull back. Now the 38.2% Fib level is right in line with that former support, which could act as resistance later on. But will stochastic reach the overbought region in time?

[buster48]

surely this pair can only fall in the long term.With China prob unable to pull a rabit out of the hat,and further probs in the euro zone.Interesting one to watch though.

[DRA]

More aud selling, going short AUDNZD. Stop @ Fib 100+spread.