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!
How about a 15-minute chart for the day traders out there? AUD/USD is finding support near the bottom of the channel. Oh and have I mentioned that Stochastic has just left the oversold territory? A tight stop below the consolidation would provide a good R:R if we aim for the top of the channel. What do you think?
Based on this 4-hour chart, AUD/USD looks ready to bounce! There’s a former resistance turned support level right around the 1.0525 area while stochastic is crawling close to the oversold territory. Does this mean I should make some adjustments to my current short trade?
My opinion is currently bullish! So I would sell half your position for small profit and maybe even tighten your stop and let smaller position run. But as you point out the 1.06 area will probably provide some hard resistance and you could always short again if it fails to break there.
I’m staying out of audusd at the moment. Happypip, I think it depends on your timeframe - the 4h is as you point out, but look at the 1.06 resistance on the daily, that’s pretty convincing to me to stay as a spectator. The usd is holding it’s own against other currencies too, so I’m considering this pair to reverse and head back towards 1.00 depending on what comes out of US fundamentals in the next few weeks.
I agree with nick as I am not interested to trade this (even if I could) right now. Pair looks like it want to go higher but that 1.06 fig seems to be to strong. So this pair might end up ranging for a moment. Also watch that bullish divergence on the stoch. That could push price for a retest of the big fig.
Good luck
Remember the rising channel that we saw a couple of weeks back? Well it’s still intact! AUD/USD just bounced at the mid-channel support, which coincided nicely with the 1.0500 major handle. But will the pair rise all the way to the channel’s resistance at the 1.0650 area? Be careful with your stop losses on this one!
It looks like Aussie bears need to catch their breaths from all that diving they’ve been doing! AUD/USD seems to be pulling up for some air after finding support around 1.0400. The pair could pull back to the 50% Fib, which is in line with a broken support level, or the 61.8% Fib near 1.0500. Wait for stochastic to turn from the overbought zone before shorting though!
I was one of the bears who made this thing dived ;o)
Agree on the 62% retracement but I am not using anymore Stoch or anything else too many early entries as indicators could stay a long time at extreme without reversal. The highs and lows say it all. This was why I could catch a short from 1.0550.
Waiting for another short correlated with NZUSD.
Nice trade idea I have been thinking how to tackle this pair, I also made nice pips last week on this 
Congrats on getting on the bears’ bandwagon! Hope your NZD trade plays out well too. What levels are you looking at for the Kiwi?
Woohoo! Congrats on your trade too! What do you think of the 1.0500 major handle? Will the resistance hold until the end of the week?
Thx
Shorted NZD @8390 around 62% retracement from the low 0.8280. Target is around 0.83 the daily trend line support of the big consolidation triangle. Then should swing back in 0.8430.
cheers
Ya I think so seems to be a lot of resistance at 1.048 area as well as the 200ema on the 4 hour chart at this level. Also the stoch says its overbought on the 4 hour chart and on the daily chart still heading downwards.
Of course any significant news from the fed could change things!
