This is your risk on/risk off trade, you can see all the commodity based currencies are in the top three spots, that tells us markets are in a “risk on” phase, which in most cases is bad for the Yen, the same applies to US dollar, going long AUDJPY or AUDUSD is a good play in the short term
Here is an update to the AUDNZD inverse Head and Shoulder pattern, it has been slow going but we are finally getting some momentum to the upside, we are still early in this trade and if we do not break above the neckline at 1.13000 the trade is void. If we do break above 1.1300 I would be looking for a 1200 pip move higher
everything stayed pretty much on course today, slow days are good, we need them to setup the next big move
Thanks for the feedback. Your responses are insightful as usual Now I understand why you’ve been looking at AUDUSD.
EDIT: Looks like AUD stalled.
Here are some rejections of the 200 moving average, this is a good low risk place to enter if you are looking to trade any of these pairs
Here is yesterday’s SW rankings , for some reason it did not post. Yesterday the commodities pulled back, and yen was strong, today the commodities are hot and the Yen is getting killed. Up Down Up Down that is the pattern, if you’re trading short term with tight stops then you are likely getting chewed up here
and back up we go, big day for CAD and AUD, weak were NZD and JPY. This was by far my best day of the year, a good chunk of that coming from a strong late afternoon move in AUDNZD
Yesterday I posted this bounce off the 200 dma, today we had a reversal and close under the 200 dma, this is very bearish for this pair and would look for lower prices from here. Price is extended shorting on a pull back is always a good play, or take a half or quarter position here and add on a pull back
USDCAD daily chart
Congrats on AUDNZD. I’m in AUDUSD and AUDNZD at the moment.
Yesterday was an up day, today a down day as this back and forth action continues, Euro was top dog today, and CAD was the tail
USDCAD has given back 1400+ pips from it’s January high. Here looking at the 1hr chart with 200 ma we can see multiple opportunities to get short this pair as price pulls back to the 200. Now this is a trend!
The roller coaster ride continues, today was an up move taking back everything the market gave up yesterday. If you are long AUDUSD you had a very good week
Here is my weekly market review
Oh yeah~ AUDUSD FTW
Good video. Not looking at AUDJPY?
I have my 7 core pairs that I trade, AUDJPY is not one of them, when I start going outside my core pairs for trades my account suffers
Strong Weak rankings for Monday, it was mostly a day of pull backs, possibly setting up some new entry points
Here I took my SW rankings and applied it to the 7 pairs I trade, these are not in rank order but as you can see being long AUD is the play
Ah okay, I respect that. I’m in the process of doing the same thing - I’m find it as you might already have that certain currency pairs handle reversals better than others.
Really great post and I think there are many platform where we can start trading. But I saw in this post there are many good sign of analysis.
Sorry about not posting my SW , I was working as a poll worker in yesterday’s elections, I will be back later today
Strong Weak rankings for Wednesday