Time frame 4H
Short
Entry price 9.800
Stop loss at 9.850 (50 pips)
Profit target at 9.600 (200 pips)
The Aussie has been in a strong down trend against the USD since 11th April. The 4H chart shows that it reached support at 9.712 on Friday 17th May when it started a retracement pattern to its previous support level at 9.789. Henry Liu’s currency outlook give the USD a strong outllook score of 56 against the Aussie’s score of 47. See Henry’s method of calculating the currency outlook score here[URL=“http://www.currencynewstrading.com/fundamental-analysis/”].
I have set a sell limit on the pair at 9.800.
Here is a screen shot of the 1H chart.
Still waiting on entry signal for this pair, it has performed better than expected today.
I still have a bearish outlook for this one, the fun of waiting for the signal :54:
My entry has been triggered and I am now in the trade.
Hopefully we will see some resistance on this 4 hour candle, do you trade 4 hour only?
I am testing the channel-trend method advocated by Froggie, but with added tools. The 4H chart is the focus of the channel, with the 1H for entry accuracy. If the method proves successful then I will add more criteria. In answer to your question, I see the entry point at 9,800 as the resistance level, which is supported by a 50% Fibonacci level. However, I must say that I am surprised at the strength and momentum of this retrace and did not expect it quite so soon. It appears to be combination of AUD buying together with aggressive USD selling. Let’s see if my 50 pip stop is enough before the move runs out of steam.
Hi tell boy how high you think usd will go this time?
Thx
It’s the USD that’s getting dumped, not just against the Aussie, but also against GBP, CHF and the Kiwi. It may be that the USD has had a strong rally today and now it is time for profit taking before they all go home in New York?
I see, wonder why fxcm guys are pumping usd still, I think also that its running out of steam now, I mean from .96 to 103 ???
I don’t follow. Current price is 9,815.3
Sorry, but we are on the Aussie.
interesting point now on 5 min chart, lets see what happens
New York session has closed and price has reached its peak. It should retrace overnight and pick up its previous down-trend. As you say - we’ll see.
Im going to wait for this to confirm on the 2 hour TF, its getting late here in the uk though.
I hate missing trades due to needing sleep…
Of course. I am letting it do its thing. It seems to be turning around now with the strengthening USD. But right now my attention is finxed on the UK news release for CPI. Pre-news sentiment is negative.
Do you feel a short in cable then? It does look a good setup, I usually stay out when big news is awaiting
Yes. I have just gone short on the pre-news sentiment, especially as the USD is gaining strength against other currencies. In 20 minutes we’ll know if I am rght
Hey Jonny. I just made 40 pips on the UK news. And the AUD/USD is in positive ground.
