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!
Nice spotting pipsopolis!
Boy, the RBA sure did a number on the Aussie! Luckily, the 1.0400 seems to be holding as support, especially since it’s a possible mid-channel support on the 1-hour chart. A stop below today’s lows could give a good trade ratio if you’re planning on buying AUD/USD.
Trailing stop hit +23 pips
Congrats! It was a good idea at the time. Did you think about closing early when China’s trade data came out? That’s what boosted the Aussie, I think.
It would have been a good idea to close trade on release of Chinese Data. Better than expected Chinese data boosted Aussie to some extent. I am still bearish on this pair and waiting to short on a pull back of price to the 4 hour falling trend line some where around 1.0350 area.
AUD/USD has been trending lower these days and a falling channel has formed on the 1-hour time frame. The pair seems to be testing the bottom of the channel but stochastic is currently in the oversold area, suggesting a potential bounce. If that takes place, AUD/USD could move back to the top of the channel around the 1.0300 handle.
Nice prediction Aussie at 1.03 now!
