feel free
u will regret that when u see aud/usd passing 0.9000 to the 0.8000’s territory
lol!
feel free
u will regret that when u see aud/usd passing 0.9000 to the 0.8000’s territory
lol!
Technical rebound for now, but the Aussie is trying to rise above the support. If the attempt succeeds at the end of the week, we could think again about a long strategy.
Nothing to do for the Aussie which confirms the technical break of 0.9850 in the closure of the week. Bear market at startup.
I mentioned last week that AUD/USD is stalling at a long-term support. If we zoom in on the 1-hour chart we’ll see that the Aussie bulls and bears are still at an impasse. The pair is on a descending triangle with its support at the .9615 area. Will AUD/USD make new lows or will the triangle break to the upside?
I think so, to see a primary bottom we should see at least a third low lower than that of May 23rd .
Still pressure on the oversold Aussie on weekly scale. 0.9388 is the last support, over that, the long-term bullish trend is finished.
Adx above 50 on AudUsd. From here it is possible to start to build a bottom but as long as there are no differences between the Adx and the price, it’s better to stay out of the market.
A closure of EurAud below 1.3550 tonight will formalize the three waves of Wolfe (bearish signal) and tomorrow it will be the moment of the RBA.
The falling trend line on AUD/USD’s 1-hour time frame just got broken when the pair surged back above the .9700 major psychological handle. Is a retest in the works though? The broken trend line is just around the 61.8% Fib, which is near the .9650 minor psychological support.
When I see the potential risk/reward of this trade, I see that this trade could be one of the most profitable trade of the year. This kind of trade does not happen often. In every year, there are only a handful of such trades. One such earlier trade was to long USDJPY on 4th April 2013. This trade to short AUDCAD could be another one of those mega trades.
Look at the AUDCAD chart. No major support levels, except 0.9600, at all to the left of the chart. There is so much empty space between 0.8600-0.9900. This means a potential total freefall of about 1300pips! This trade requires patience. This trade is based on the daily chart. It requires the trader to hold the trade for weeks and maybe months.
For AUDCAD to go to 0.8600, it requires USDCAD at 0.9xxx and AUDUSD at 0.8xxx. This is entirely possible looking at the price action.
SHORT AUDCAD 0.9920-50
SL above 1.0000
TP (final) 0.8600
The data on the first quarter GDP of 2013 was rather disappointing. For the Aussie, doors are opened to a more substantial downward.
seem it can’t break still. should I exit and go long?
The Aussie reached a low at 201, a decisive moment. If it drops below 0.938, then it will go direct to 0.84.
hope it go 0.84
I think that the sentiment on the Aussie is too negative at the moment. I would expect a rebound for AudUsd shortly.
I agree. I’ve just closed my aususd short and await a correction to re-enter.
If nfp data falls short of forecast then could this prompt the correction?
The data coming from the Cot report this week reinforce my conviction. My long preference goes to AudUsd and AudNzd.