Daytrader22

Daytrader22

I've drawn in a upward channel showing us that while AUD is rallying, there may be a short opportunity to capitalize on. We have a bearish candle printed this past Friday and my target would be between .9166 & .9130

Daytrader22

Sell the bounces! IMO we have a bearish engulfing pattern playing out. 1. Price couldn't pierce the resistance line 2. Evening star candle in a up trend with progressively lower volume 3. AUD/USD has been and I believe continues to be a sellers market 4. China's economy is a proxy of AUD and China's eco data is dovish

Daytrader22

With no signs of a correction, I expect us to break the blue trend line in my chart with a possible bounce on the 1st line of support, however geopolitical news will decide the currencies course of action and Tuesday will carry with it high impacting cables.

Daytrader22

There's an obvious downward channel AUD seems to be following. This chart is designed to show only a possibility of direction and does not account for fundamentals even if it seems to fit geopolitical news and overall bias against the AUD paired with the USD.

Daytrader22

We have two events upcoming in the news that could effect which scenario plays out, Monday Italian Industrial Production at Monday 3am CST (GMT -6:00) and Tuesday 4am CST (GMT -6:00). Video posted explaining chart @ daytradingfutures.net

Daytrader22

Economic data to be released, in my opinion, will put additional pressure on the AUD currency. We had some positive news come out on 01/06/14 that didn't help the currency punch through the various lines of resistances drawn in blue. The major events upcoming that more than likely will drive AUD down is (times in GMT -6.00) US ADP Nonfarm Employment Change @...

Daytrader22

In the Kitco News Gold Survey, out of 34 participants, 17 responded this week. This was less than normal, with many still away from their desks for an extended New Year’s holiday. Ten see prices up, while six see prices down and one is neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

Daytrader22

While the AUD rallied Thursday night and broke the sideways range that started around the 18th of December, it couldn't hold above the two lines of resistance. This will be a key point for AUD market open Sunday.

Daytrader22

A break below the resistance line would give way to the bottom of the current fib (1.35000) channel. If EUR holds above the line of resistance, then we'll probably continue with the sideways channel.

Daytrader22

Key area to watch is the resistance line, then the first fib line of .90398

Daytrader22

Notes in my chart - This illustration shows where my setup is for my next Short position.

Daytrader22

As the notes in my chart describe, I'm bullish GBP long-term due to the fundamentals and the head fake we experienced instead of the continuation and usual outcome of a symmetrical triangle in a downtrend pattern.

Daytrader22

Explanation of why I went short and feel this is a good Swing Trading opportunity.

Daytrader22

Going Short with the rising wedge pattern and expected upcoming strength of the USD. With the holidays and low volume, we'll see sellers jump in very soon.

Daytrader22

Patiently waiting for a great Short opportunity, great risk/reward ratio and classic bearish changing trend with a Rising Wedge pattern.

Daytrader22

A great Short setup is almost there for GBP, with a rising wedge pattern there is a high probability that we will see a change in trend, starting with a large dip.

Daytrader22

Moving into 2014 what I'm expecting the RBA will push the currency down too.

Daytrader22

Again with my other charts recently published on NZD and AUD, Gold is also greatly influenced by the rise and fall of the USD. With USD strength expected into the 1Q and beyond of 2014, I am Short Gold.