DislikedAre you implying the reversal trend is about to trigger shortly? I see most traders on this forum still holding their position for longs and expecting to see higher resistances.Ignored
level is back in '08, before the financial meltdown. Having said that, there is a good chance of some resistance here. Since my position was fairly large and built over the course of a few days i decided to get out and watch for now. The A$ is in a strong uptrend, and fundamentally everything points north. Also chances that RBA will raise rates at its November meeting is very high. But i prefer to watch the price action around current levels and will start opening new positions if it breaks higher, or retraces to nearest support level. Will start small, then add accordingly. I am long AUD/JPY for some time now, and that position is still running. The employment news just pushed A/J passed daily resistance and i see it going higher. So for now i am using A/J to take advantage of the AUD strength, and will be watching A/U, looking for good entries. The bottom line of what you should do about this pair, depends on your approach. But the fundamentals and the charts are both spelling out a strong bullish trend.
Stubbornly persistent