Fully recovered now and heading strongly in the other direction…
This pair is trying to sink more and more. Expecting more than 11-12 years low soon.
@Treeny, are we trading the same markets?
AUDUSD in a holding pattern (COG) prior to the London Open Wednesday… At a glance it looks as if Price Action wants to go south… The Moving Averages indicate otherwise…
I’d suggest LP’s are planning to run it up the the Flagpole and make a few dollars in this session…
And… up the Flagpole ~45 pips…
And down the Flagpole ~45 pips… back past the level of the London Open…
Take note of the previous structure… larger volumes… but almost identical… Manipulation 101…
Checking in on AUDUSD , well i got the first part correct, the yellow circle was hit as expected, but then we got the big flash crash which sent the markets into meltdown. Price has tanked through the strong support of 0.6585 we have travelled all the way back down the the bottom of the channel. Will we see a bounce from here and make a double bottom and W formation? time will tell lets see. the level of 0.6585 is the most important to break back above. If you buy round here for the swing use small positions. Ill be looking to buy back above the level above. GLIYF
The AUDUSD is still on it’s way to the $0.63’s… No amount of TA will help predict the end result…
The AUD is about fundamentals, has been for a few weeks… Hoping for a retracement won’t help…
Always about fundamentals??
The AUDUSD closes out the week in the $0.61’s (anyone still looking to go long??) which indicates just how weak our economy has become…
The RBA was scheduled to pump 3.5 Billion into the economy to thwart the massive slide on the ASX200 (AUS200 / Australia200). Instead it need to add 8.8 Billion in Repo just to get the markets to change tac…
Australia’s economy is small (14th by GDP) and 8.8 Billion is a huge amount to digest in a single trading day… Was it enough to stem the outgoing tide and revel just who has been swimming naked??
Expect continued downward movement on Monday as the market will be back for more Repo…
Well, its painful to look at AUDUSD . I saw a few people mention that it blasted through the channel but i only checked back up on it today. Wow what a drop through the channel. We have to look back to 2009 on the weekly chart level for a zone of support. The level of 61 cents is a major reversal area. Obviously we have been bearish for along time so a point in the future we will reverse and get a nice bull run, but when will that be. the last time it hit this price area it rose up to 1.1 dollar. Will history repeat itself? sometimes it does but sometimes it doesnt. but one thing for sure is that it is a cheap area to buy longs for AU and hold. Look out for the double bottom or direct reversal, lets see where monday opens
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Painful unless you caught the move lol
The markets are crazy at the moment.
We could well get a second wave of outbreaks out of China which would send it plummeting again. I think back up to the support for now though like you said
understatement of the year lol
Well we revisit our old friend AUDUSD today. Looking at price how can we argue against looking for sells. Its a long way away from the days we were looking at H+S above for longs and inverted H+S . With the world problems an AUD only just going into lockdown, i cant see any strength in AUD for a long time. I will be looking for sells if price moves up a little more to the resistance area above at .60 cents. I think that it will retest the lows again for sure before it ever makes a new bull move upwards. Stay safe everyone not just in trading but in life also at these hard times. GLIYF
Been a while since we looked at AUDUSD . WE have broke back that strong support level . I think its due to China being back to production. Ive read some industries are shipping to Australia on building’s supplies/ glass etc etc. This will be good for AUD as they will also be exporting to China. Plus we have the big pump project for USD, and that surely over time cant be good for USD strength. It should be seen as weakness, my opinion is to by the dips now in AUDUSD . Hopefully we get a nice little dip back to the support soon before the next big push. Risk management for a nice long swing trade should hold well. GLIYF
Last time we looked at AU i was looking at the pullback in price, we got that and have since had a push upwards. But currently we are seeing a bullish daily candle back down to the support. i think USD will weaken in the near future, but we also need to be careful of the M formation that could possibly be forming. If price holds at this support i will be placing buys. GLIYF
Sunday and the markets are back open tomorrow. If youve been following this AUDUSD buy from the bottom i would take profit around here its a good 250-300 pips depending where you got in. I say this as ive been reading China could potentially have a 2nd lockdown, due to a spike in virus cases again. If this happens it could affect AUD and we could possibly see a drop down again. So taking profits is wise here, if it is not the case and they keep production up then aud could potentially continue. I will be looking for buys in the circled areas on the break above the supply zone . Or on the support in the channel if we see some sideways range action this week. Cant go broke taking profits. GLIYF and RM as always
I am bullish on this
Well since the rest of the world was shut down for Covid, the ozzie has certainly been tugged along due to the fact China got back into production quicker than the rest. AUd has seen some good strength the past few weeks. Since i called the buy we are now sitting at 465 pips profit. Almost at projected TP point so well done if you got in when suggested and caught this lovely move. i will be looking to enter fresh longs on pullbacks to support areas. The .618 fib level looks most likely for this. Enjoy GLIYF and RM as always
I’m looking to short AUDUSD at 0.6610. Although it might have some upside oomph left at that level so I’ll be at half risk.
TP was achieved on AUDUSD , 500 pips done (well 492), not a bad haul. You can see the bull run out of steam and we just kissed our TP level and now we can see the pullback happen in price. Ideally i would like to see price hold above the 50% and stay inside this long channel we have been in. Im looking at this little level of support or the channel for my next trade (yellow circle). Ill be entering fresh longs if we see some support forming and id like to try and hold and get above 65c. Hope you had a good weekend, almost market open time again GLIYF
