Hi attached are a couple of pic’s AUD_US hr1
what would you do here, reading the fundementals regarding this pair, scares me into doubting.
(1) We have upward Triangle
(2) Trend is Up
(3) Stochastic in the Over-Bought
(4) Divergance on the MacD
(5) Could be developing a Double Top
The Green line is AUD the Red being the
Just my view, but: we have had a clear uptrend for some time, but are now at an all-time high - after such concerted buying, I would not go long from here, as I expect there will be some retracement. Some would go short from here, perhaps from today’s Daily bar, or something on a lower timeframe (both the Hourly and 240 have high-tested, for instance). That would be countertrend, so others would sit out and wait on a retracement.
There are a lot of fundamental issues going on at the moment, so it is tough to predict anything too far in advance. My best bet is that we will see a retracement, perhaps a couple of hundred pips, then who knows… either a reversal or a resumption of the previous uptrend. The US picture will be clearer, by then, which will give us our lead.
Not sure that that is much help, but that is how I see things.
ST
S T… I completely agree with you, why it caught my eye is that it was a pretty good short (Technically)
but as you say fundamentally speaking a very nervous Short.
It dropped a little (time 16.30), I wouldn’t take this trade.
Personally wouldn’t be touching this pair just now. If I saw a large enough retracement and what I saw as potential support, I would probably take a long position further down the line but for now…nothing…
Bear in mind if you short the pair and plan to hold, you’ll have carry trade charges.
