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?
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!
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?
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 ???
One of the reasons why I haven’t closed my AUD/USD trade is that 1.0400 is still doing a good job at holding off the Aussie bulls. Not only that, but the rising trend line that we spotted last week is still valid! Will the 1.0400 major psychological handle become a support for the pair or will risk aversion drag the Aussie below the trend line?
AUD/USD just broke below the rising trend line last week but it seems to be pulling up for a quick retest. The 61.8% Fibonacci retracement level is right in line with the 1.0400 major psychological resistance and the broken trend line. Stochastic has already reached the overbought mark, which suggests that Aussie bears could pound really soon.
Good call Thanks
****AUD/USD - New Trade 11-19-12 ****
Trade = SHORT
Entry @ $1.0380
S/L = $1.0430
T/P = $1.0340
This is the chart from the trade taken on 11-19-12. The LIMIT Order was triggered which put me in the trade. The other LIMIT Order I placed at $1.450 was not triggered but I will keep it open because that level is still a valid 2HR Supply Zone. Price did climb all the way up almost hitting my S/L and formed a new 2HR Supply Zone between $1.0420 - .400 before it fell back down. I set another LIMIT Order to go SHORT @ $1.0405 which is the TriggerLine for the new 2HR-SZ just in case prices bounces back up.
If you’re looking for a day trade, then pay attention to AUD/USD uptrend on the 1-hour chart. Stochastic might not be anywhere near the oversold region, but the pair looks like it’s about to aim for the 1.0500 handle. Be careful once it reaches the major psychological handle!
AUD/USD has been making lower highs and finding support near the 1.0200 major psychological handle. The pair just hit the top of the descending triangle that’s forming on the daily time frame and appears to be aiming for the bottom as stochastic just crossed down from the overbought zone. Does this mean that a selloff from 1.0400 to 1.0200 is in the cards?
I thought the RBA rate cut would be the trigger to this avalanche, but I was wrong. Lets see what the week brings.
how long should we wait for this to give us sign lol still going up…
T/P was hit and clocked in 40pips on this trade. Good Pippin’ to All!
The Aussie bulls and bears seem to be at a stalemate near the 1.0500 handle as both try to break the tight 30-pip range on the 1-hour chart. Unfortunately, even Stochastic is in the middle ground on this battle. The pair is currently at the middle of the range, but stick close to your charts for a breakout!
Which way will AUD/USD break out? The pair has been consolidating inside a symmetrical triangle but it looks like Aussie bears could be in control at the moment as stochastic is pointing down. I wouldn’t be so sure though as the bottom of the triangle seems to be holding as support. A straddle setup could work out fine for this one!
