AUD/USD is treading so close to the top of the rising channel on the 4-hour time frame that it looks like bulls are gathering enough energy for an upside breakout. However, a bearish divergence is in the works, suggesting that a drop might take place if the 1.0600 major psychological level holds.
With all the other factors affecting other currencies it could shoot up to anywhere! Crazy times. I certainly think that we will see 1.0750, but would not be at all surprised to see 1.0850. If we hit that level then I’ll certainly look for a Short.
Strange days, I’m proceeding with caution this week. August is never that great at the best of times, so I’m not really enjoying it at the moment.
july wasn’t either!!! 
Lol fair point!
I dont know about your charts but on mine i see a bearish hanging man and a nice long beraish candle is being formeed as we speak (4 hour chart). This is right on the upperr channel line so could it mean it is holding? I also see some bearish divergence on H4 and D1 charts with both stochastics pointing down. I am sooooo un-decided if i should go short because, as you said, I was expecting a bullish break!
Same I have been waiting for an opp to go short, I also the see bearish divergence and the bearish hanging man you noted on the 4hr chart, but I not confident either way. Gonna just wait for news out of AUS and China to come out on Thursday before I do anything.
Better than expected results (Australian jobs data) again! Couple this with the less dovish RBA statement the other day, and it looks like AUD has room to go further north. Technicals, on the other hand, are really not agreeing as all the signs seem to hint that a correction is overdue.
So, how will you play AUD/USD now that the Australian and Chinese data are out? 
Same here! Undecided too! When in doubt, stay out, I guess?
Always!! I’m seeing nothing in the chart to give me a definitive read on direction, I could make a case for both short and long. So I’m sitting on my hands.
Yep i noticed this morning you have gone long. Am i right in thinking that both your orders have been triggered now? Looks like it went quite close to your stop not long ago. I see a nice resistence turned support level at about 1.0535 which I am going to go long from if price drops that far and i see some price ation conformation. Lets hope it hits your profit target and then reverses so I can go long as well!!
I really want to short the AUD/USD, Aussie data came out better than expected but Chinese data wasnt as great as expected, so it might signal an opp to short to the bottom channel line on the daily chart or it can just continue its strong bullish ascent. So at this point I havn’t done either but am I actively looking for an opp to short.
Also does anyone think the slower Chinese growth could prompt a cut in the interest rate which would strengthen the region and the AUD even further?
I’ve been looking for a chance to short (based on technicals) as well! But this pair just can’t seem to stop rallying. I like what you pointed out about the potential for a Chinese rate cut though and Forex Gump seems to be echoing the same sentiment: Is China Losing Steam? | Forex Blog: Piponomics
Plus, the RBA has been relatively more upbeat lately, which could be another factor supporting AUD.
This one goes out to the Aussie bears! On the 1-hr chart is a nice falling channel, which has been holding since the start of the month. AUD/USD is having trouble dropping below the 1.0500 area near the bottom of the channel, but I bet we’ll see some movement over the next couple of trading sessions.
Plan my trade and trade my plan.
I am trading long around 1.0440. Stop loss 30pips.
Cool, cool. Where’s your target?
Trade is cancelled. Miss my entry price by 15pips. If trade was filled, my first target would be around 1.0600.
Boo. Better luck next time then! See ya around!
Just went long Aussie on the 4H pinbar. Stop loss 30 pips, first target 1.79.
Good luck trading
Do you think the rising channel on AUD/USD’s daily chart will hold? This pair has been at it for nearly three months now! The next support seems to be at the 1.0400 area, but is a breakdown possible anytime soon?
Interesting your charts look a little different than mine. According to mine we broker the trendline with a immediate retest then the big red candke to confirm the breakout to the bottom. That is the reason I am shooting for the 1.02 fig and not the bottom of the trendline. Well either way a trailed my stop down on my short from last sunday @ 1.0560 so I am garunteed profit no matter what but I would really like it to hit that 1.02 fig. If it does it will be by far the best trade os my short career.
Also what setting do you use on you stochastic? Mine set on 14,3,3 is showing some major bullish hidden divergence which could be a bad sign for me.