Happy Corner: Aussie (AUD) pairs

[buster48]

with iffy news again from the eurozone surely we've got to see more selloffs for the AUD

[Deepat]

The only thing that's holding me back from going short is - I don't see any divergence on the 4hr charts.
If I had that I'd be looking for a pull back to parity or better.

[happypip]

with iffy news again from the eurozone surely we've got to see more selloffs for the AUD

Yep! Combine that with weak manufacturing data from China and we just might see this double top form completely and even break down later on!

[happypip]

The only thing that's holding me back from going short is - I don't see any divergence on the 4hr charts.
If I had that I'd be looking for a pull back to parity or better.

Oh, so you're a divergence trader? I'm seeing an overbought stochastic signal, which might be a good enough signal to short but you're right, a bearish divergence would be a really nice confirmation.

[happypip]

Here’s one for the trend surfers out there! AUD/USD just bounced up from the bottom of a descending channel and it looks like Stochastic is gearing up for an upward move. Will the pair encounter a mid-channel resistance at 1.0400 or will go all the way to 1.0450?

[Sparatacus]

Interesting assessment there. I think the RBA rates decision has had a major impact today when they dropped from 3.5% down to 3.25% and the pair dropped sharply if it had of stayed at 3.5% I would be thinking it would head up. Its hovering around 1.300 will be worth watching to see where it goes next.

[Deepat]

Looks like this might have been one of those time when I should have ignored that 4hr divergence. :-)

[buster48]

Interesting assessment there. I think the RBA rates decision has had a major impact today when they dropped from 3.5% down to 3.25% and the pair dropped sharply if it had of stayed at 3.5% I would be thinking it would head up. Its hovering around 1.300 will be worth watching to see where it goes next.

Id have to agree with you on this Sparatacus ,also nice downward trend forming on the 4hour (ranging down) but how many times has it all turned to custard.

[Sparatacus]

Lol yeah I know what you mean about the custard bit. I have watched the pair for the last 6-7 hours and its ranges between 1.290 and 1.320. Guess everyone is waiting for some signal or news to get it moving in either direction!

[happypip]

It looks like that falling channel is still holding for AUD/USD! I zoomed out to the 4-hour chart to get a look at the bigger picture. There's a potential retracement to the top of the falling channel, right around the 38.2% to 50% Fibonacci levels. That's also closely in line with the former support near the 1.0300 handle.