This pair is entering the 3rd corrective wave of the daily pattern. We have an estimated take profit level at 0.9152. Based on current entry price, this should return you a 200 pip profit, taking about 2-3 weeks to complete this pattern.
MACD, momentum increaseing downwards.
CCI drops below channel.
RSI downwards movement
20 day moving average plateu, but when starts to drop you will have a stronger sell.
As Japan moves to inflation and GDP increases plus positive sentiment, teh Yen becomes more desirable.
Today, Building Approvals m/m was down -3.5% vs +1.3% expected
Then, Chinese HSBC Final Manufacturing PMI 48.1 vs 48.4 expected
Tonight. US ISM Non-Manufacturing PMI.
Tomorrow the RBA announces the cash rate.
To my fellow shorts, hold on!
Hi everyone! If you have yet to see the introduction video which ChuanSiang and I made, please go to our "About" page and view it! The video covers on what this website is all about, how we trade, and etc.
I'm not sure if any one of you have been whipsawed last week, but Friday was definitely one heck of a trading day. That was a result of the release of...
Whilst grinding lower, the Aussie has failed to make significant headway to the downside.
A sharp selloff on Friday was met by equally large demand, erasing the entire move as the Aussie went Bid.
Whilst we understand that the majority of major inflection points are not always pretty, clean cut breaks, Friday's development indicated that the AUDUSD market appears...
Inflection point... check
Big US data... check
Gold sell-off... check
USDCNH going haywire... check
Chinese economy contracting... check
US economy expanding... check
What is everyone waiting for???
A possible long opportunity is coming up for the AUD/USD. We would just need a little more movement upwards for me to jump in and say BUY with conviction. All the indicator signals are aligning to produce a message that says the market is ready to shoot up.
Signals:
Price bouncing off Linear regression.
Price bouncing off long term support.
MACD moving into...
Have to make a confession. My last Aussie dollar post showed a 50% retracement stop loss in place. It was actually a mental stop loss, that by the time I checked on the Aussie, it had breached the stop level and then fallen below it again. Mental stops are probably not the most ideal thing to do.
Back to the Aussie Dollar... still slowly grinding lower - but yet...
Friends,
The Aussie steamrolled over a potential counter-trend idea and marched on to loftier levels, which are now challenging significant technical patterns. In addition to predictive analysis and forecasting data calling for a reversal within the potential reversal zone (PRZ) range defined by technical data alone, a fundamental element is likely to come into...
