Happy Corner: Aussie (AUD) pairs

[ForexMindGames]

Trade summary part 1 - AUDNZD

Waited for 4 days before the price reaches 1.2500 on Thursday. I went short at 1.2517. However, i felt uneasy about this trade. And i went in and out of this trade quickly. Reason being despite the recent rate cut for AUD, AUDUSD remained strong and trended up well. Looking at the AUDUSD chart, it trended up from Monday to Thursday. Only on Friday it went down after failing to break above 1.0300. With the price action for AUD being strongly bullish for this week, i decided not to fight against the trend. Always leave the trading account intact to trade another trade.


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Trade summary part 2 - AUDUSD

One of the reasons for the uneasiness on shorting AUDNZD was this. I attempted to short AUDUSD twice this week. First attempt show me a small loss. Second attempt was a breakeven trade. These 2 trades give me a strong hint that AUDUSD is trending up, and it is not ready to go down. Maybe AUDUSD will be ready to trend down for week 42?

[happypip]

If you want to short the comdolls this week, then look no further than the potential mid-channel resistance on AUD/USD’s 4-hour chart! Not only is there a bearish divergence at the level, but stochastic also looks like it’s about to go down. Is this a sign for me to close my AUD/USD trade?

[Bijoymj]

If you want to short the comdolls this week, then look no further than the potential mid-channel resistance on AUD/USD’s 4-hour chart! Not only is there a bearish divergence at the level, but stochastic also looks like it’s about to go down. Is this a sign for me to close my AUD/USD trade?

I assume that the bearish Divergence and mid-channel resistance is spotted on the 1 hour chart instead of 4 Hour Chart.

Anyhow, 4 Hour chart is also seems to show some signal to close any long positions on AUD/USD. See chart



Price is reaching the falling trend line at previous resistance and stochastic is reaching to the over bought territory. I am planning to short the pair on formation of some reversal candlesticks at the falling trend line.

[DeadAsEuro]

We can be overbought for a long time and claSSical trend on FX doeS not work very well (bankS maniPulation). The daily giveS EMA200 aS target. I exPect 1.0320-1.0350 before reverSal.

[happypip]

There's this nice bullish divergence materializing on AUD/USD's 4-hour time frame, hinting at an upcoming Aussie rally. Even better, it lines up with the 50% Fib and rising trend line! If you scroll back a little further, you'd notice that this potential support zone is also the neckline of the inverse head and shoulders pattern.

[happypip]

AUD/USD is forming a symmetrical triangle on the 1-hour chart and it looks like it’s about to test the pattern’s resistance. What’s more, stochastic is in the overbought territory! Will the bears come in at the weekly open price (1.0365) or will the bulls dominate for the rest of the week?

[happypip]

Are we seeing a potential continuation of AUD/USD's rally here? The pair just broke above the top of the rising wedge on the 4-hour chart right after the RBA announced that they'd keep rates on hold for now. At the same time, stochastic is pointing upwards, suggesting that the Aussie has more room to climb. Wait for the candle to close above the wedge if you plan to jump in a long position though!

[Bijoymj]

A new High of 1.0500 may not be far away !!!!!!!!!!

[happypip]

A new High of 1.0500 may not be far away !!!!!!!!!!

Ha! You may be right! After breaking 1.0450, it sure looks headed much higher now! Did you trade this one?

[Bijoymj]

Ha! You may be right! After breaking 1.0450, it sure looks headed much higher now! Did you trade this one?

Yes. My TP is at 1.0520. which is almost lining with the falling trend line in the weekly chart.

See the weekly chart...



Will the trend line hold for the 4th time ?

Any thoughts ????