Australia Construction Work Done

YEPPPPPPP that works for me

Poor Aussie data, Poor China data, Fairly good US data, USD stronger against Euro, Pound, Swissy, Loonie, Yen...Yet there is absolutely no selloff on Aussie. Just food for thought. Happy Trading!

How's that bearish view of Aussie working out for you? I don't ask to be mean, but ask just to point out the fact that being bearish Aussie is just flat out wrong. I don't know if you are short Aussie or looking to short Aussie, but it's just not wise to do that. In forex, you have to get rid of your personal beliefs/emotions and trade PRICE ACTION.

What do I mean? Well, look at the fact that price(Since April) has NOT been able to stay below .9300. EVER dip below .9300(above .9200) had been followed by a rally right back up above .9300. You can also look at the FACT that when there is Good US news A/U rallies. When there is Bad Aussie Data you might get an intial selloff that is always followed by a rally back up to pre-news levels or Higher! It's the same FACT when there is Bad China data...price might initially selloff only to be followed by a rally back up even higher! Why does price keep rallying up, There are More Buyers than Sellers.

And lastly, just recently we've seen the USD strengthen against a lot of currencies(as I mentioned above)....BUT, it has NOT strengthened against the Aussie.


You can just look at what's happened this week alone to prove my point too. Price opened up on Sunday night wit a Gap Down...then price rallied up to .9320. Then price dipped Monday and reached a low of .9270 just before Asian session started and Rallied back up to .9330. Then price came dipped back down Tuesday to .9300 and where is it now???? .9350!!! Price has made Higher Highs for 3 days in a row now. PRICE ACTION is flat out telling you it's SAFER to Buy Aussie than it is to Sell it.

I wish you well if you want to sell it, but I think the higher probability of having a winning trade is by Buying the Dips! Happy Trading!

p.s. Just some more Food For Thought. On the 4hr chart, for the past 9 candels...we have had 8 Bullish candles and 1 Bearish candle. That's 32hours of Buying versus 4hrs of selling. You tell me which way the market wants to go!

how about "risk on market "
Im bearish on the AUD too, but we will have to be patient.

I am looking at the au charte and price seem to stuck at that level. If there is a big news, I think it would go down so we can buy the dip. there are big red candle and many small green candle,so i think the red candle are from the news

thanks

Just so I'm a little more clear here...I'm not implying anyone should buy A/U at these highs. One should always Buy the Dips for Longs...and Sell the Rallies for Shorts.