Joined Aug 2005
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Status: steady and consistent
|977 Posts
I think Aussie is left withought attention. And we have interesting one here. triangle on weekly chart, 50 fib retracement, 89 moving average. If you look at monthly chart too there price is at 21 moving average and is going to intersect it. Note that it did not happen since August 2002. I think it is very considerable.
any comments?
P.S. Hoep rate differencial will soon dissapear between US and AU
Joined Aug 2005
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Status: steady and consistent
|977 Posts
I think Aussie will continue collapse on monday (may be small retracement to dayly pivot). Monthly chart shows that Aussie intersectd 21 EMA and 50 fib.
I have read that Aussie is in 80% correlation with Gold price. Gold continues moving lower.
Joined Aug 2005
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Status: steady and consistent
|977 Posts
I feel Emerging long-term downtrend in Aussie. On daily chart price could not go up. On weekly we have intersection of 89 EMA. Monthly chart is nice too (21 EMA)
I feel that the AudUsd is really dependent on the strength of the US dollar, and that with interest rates rising in the US without similar action in Aus, we will continue to see the Aus drop....
Should the Euro nations raise their rates....... the Usd will be held in check.....
Joined Aug 2005
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Status: steady and consistent
|977 Posts
We have good technicals on aussie. Look if trend line is broken. If we have broken trend line then it will be good chance to enter according to tunnel momentum system
A pretty similar set up like we saw two days ago on the GBPUSD 4H (see GBPUSD chart thread) is developping right now on AUDUSD weekly chart. There is a confluence of resistance gathering up around 0.7550 with the trendline, a weekly pivot and the swing's 61% fib. Moreover, there current bar is turning into a pin bar as the week moves on, with the tip of the pin bar touching to the pip that 0.7550'ish mark.
Also let's remember that Australia decided couple of days ago to keep their interest rate untouched for the time being, so the bearish status quo (at least in the weekly chart) remains unchanged as long the US keeps closing the rate diferential thinner and thinner.
Should the pin bar confirm at the end of the week, it could be a good short oportunity for longer time frame traders.
Joined Aug 2005
|
Status: steady and consistent
|977 Posts
Quoting WTB
Disliked
8th of December, 2005 - 6:50 am EST
A pretty similar set up like we saw two days ago on the GBPUSD 4H (see GBPUSD chart thread) is developping right now on AUDUSD weekly chart. There is a confluence of resistance gathering up around 0.7550 with the trendline, a weekly pivot and the swing's 61% fib. Moreover, there current bar is turning into a pin bar as the week moves on, with the tip of the pin bar touching to the pip that 0.7550'ish mark.
Also let's remember that Australia decided couple of days ago to keep their interest rate untouched for the time being, so the bearish status quo (at least in the weekly chart) remains unchanged as long the US keeps closing the rate diferential thinner and thinner.
Should the pin bar confirm at the end of the week, it could be a good short oportunity for longer time frame traders.
Ignored
Great post!
Traders ared worried about Gold prices, in reality it is nothing but as price on forex is defined by traders decisions who consider such events (gold price) important and never take action against them.
I will tell you further more, I think they will make some dovish comments on rates. I look for good signal to enter short. Profit taking in Gold can support my idea
A pretty similar set up like we saw two days ago on the GBPUSD 4H (see GBPUSD chart thread) is developping right now on AUDUSD weekly chart. There is a confluence of resistance gathering up around 0.7550 with the trendline, a weekly pivot and the swing's 61% fib. Moreover, there current bar is turning into a pin bar as the week moves on, with the tip of the pin bar touching to the pip that 0.7550'ish mark.
Also let's remember that Australia decided couple of days ago to keep their interest rate untouched for the time being, so the bearish status quo (at least in the weekly chart) remains unchanged as long the US keeps closing the rate diferential thinner and thinner.
Should the pin bar confirm at the end of the week, it could be a good short oportunity for longer time frame traders.
Ignored
Ok, the week's finished and the weekly bar didnt quite confirm as a pin bar. Moreover we saw a slight pull back up on thursday and a sideways range on friday. The resistance cluster at 0.7550 area is still intact, but we havent gotten get a price action set up to justify pulling the short trigger yet, so I guess I will wait and see how things evolve next week. I use no indicators whatsoever myself, so price action, trendlines and resistance/support confluences is all the tools I got.
I keep the AUD in my target, but patience is a trader's number one virtue and right now it's time to play the wait and sit tight game.
Hi, i'm long and going for 7550 or 7600 once it gets there it'll have to be strong the break the trend so fingers crossed. USD seems to be losing steam to me though. The price of gold seems to be confusing things.
