Inside bearish triangle / pennant we find this opportunity to sell at the retest of the upper falling trendline. I place my take profit just above previous support and above 61.8 fibo of the leg.
Fundamentally: growing monetary policy divergence between the Fed and RBA. Technically: AUDUSD has broken the 2016 uptrend line. A 38.2% correction from recent lows was to be expected, given the sheer pace of dollar strength. The next leg is down to 0.70. Perhaps the best trade going into 2017.
This pair was put on our watchlist over the weekend and an entry oppurtunity is available. Double top has been formed at the 1.618 fib extensiion of previous ABC boundary, completing the ABCD corrective structure. The double top is also trading around the key level of 0.7500 which is paired with the 38.2 retracement level of the larger ABC boundary
Pro's - good reversal pattern. - price sat at good support. - recent break of downward trendline, now retesting. - 0.5 Fib retracement level from previous swing low to high Con's - Trending against the trend - Trading through EMA's including 50EMA on daily. Thoughts? Please comment below
AUDNZD will make one more move to upside AB complete C wave is next, when this C wave is complete Wave 4(primary) will complete and thus WAVE 5 will begin. Wave 5 will mean continued downside Subwave C - to 1.1150 Resistance level When C subwave ends, Wave 5 begins Entry: 1.150 TP: 1.0975
We know what is likely to occur in the coming weeks. but we don't when how it will occur. A weaker Ozzie it seems. Please like, agree or disagree. Thank you
Learn 2 trade like a pro for FREE! - boafx.com - The triangle formation on the 4 hour chart could cause a breakout in either direction and there are arguments for both, however as you can see from the red arrows on the chart I favour the downside by taking the price at the top trendline or a fake breakout. Fundamentaly the Aussie is weaker than the USD and is...
Learn 2 trade like a pro - boafx.com - This is an update from this mornings entry, as we are now in profit and the FOMC meeting is drawing closer I will move the stop loss level to break even in anticipation of unpredictable volatility
Learn 2 trade like a pro for FREE - boafx.com - Looking to short this currency pair once the daily candle completes. If the pin bar is evident and tomorrows candle initiates a push back upto 7100 this will be my sell trigger for a 3:1 trade
Learn 2 trade like a pro boafx.com - After the RBA kept rates on old yesterday we had a relief rally on the AUD/USD but don't let this confuse you between the strengths of these individual currencies. The COT report shows short positions have been added too on the AUD and buy positions have declined, so sentiment is still strong to the downside. After FED's...