This is a short term sell to 0.7510 where I expect a violent rally to 0.7664 after that.
Short - rejection from 0.76 round number and 38.2% retracement of the down leg. Fundamentally there is monetary policy divergence between RBA and Fed which supports this trade. Hedge with AUDJPY longs from current levels.
waves theory on point ... i thing is time for short
We have all kinds of heinous bearish signs; from RD- to HD-. I will go short after uptrend line is broken. Good luck, Ali Sharifazadeh, CFTe
Short taken on Friday. noticed the 3rd trend line touch, alongside the formation of a tweezer top at the 50% fib level. The MA's have also just crossed indicating downside momentum when you go down to 2H time frame, which i entered off after a counter trend line break. entry @ 0.7318 stop - 0.7370 tp1 -0.7165 tp2 - 0.0750 1:3 risk reward peace !
FX:AUDUSD AUD/USD DAILY The rate broke the gap resistance yesterday and is now testing the 3-month falling trendline and former support level at 0.7330. It came within 10 pips of stop loss, but I am still holding the positions and will be looking to scale in the trade. My bias is still lower, however I am will be waiting for today's NFP figures before...
USD strength expected to continue. price recently broke daily support and re-confirmed this as resistance (orange line) before moving lower. Higher TF support break missed, so looking for short entries on hourly support/resistance levels.(green lines) entered at 0.72400, suspect this to form resistance and TP at lower previous hourly support.
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.
If you seen my last Aussie post you would have seen that market did in fact come up into my target area and produce multiple rejections for an entry and is now in decent profit. However if you did not spot the opportunity then if the market can comeback up and retest the double top structure formed then a decent rejection of that level will also provide a decent...