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AUD/USD

  • #61,841
  • Aug 7, 2013 8:20am Aug 7, 2013 8:20am
Head and shoulders forming on EA - 4hr chart
  • #61,842
  • Aug 7, 2013 8:27am Aug 7, 2013 8:27am
Quoting edindzeko
Head and shoulders forming on EA - 4hr chart
lovely isn't it
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD short.png Size: 104 KB
  • #61,843
  • Aug 7, 2013 8:34am Aug 7, 2013 8:34am
Quoting JeremyWS
{quote} lovely isn't it {image}
What was that line refering to?
The true fact is market doesn't care, risk mgt is important.
  • #61,844
  • Aug 7, 2013 8:34am Aug 7, 2013 8:34am
Quoting JeremyWS
{quote} lovely isn't it {image}
Textbook.

Also the RSI is showing bearish divergence.
  • #61,845
  • Aug 7, 2013 9:01am Aug 7, 2013 9:01am
It seems AU is trying to re-test 0.9000 resistance again. I think the hourly chart need to be closed above 0.8985 in order to break 0.9000. If it still cannot break 0.9000 today, then bull might will lose confidence and back to downtrend again. If it could break 0.9000, then 0.9300 might be come next week
  • #61,846
  • Aug 7, 2013 9:04am Aug 7, 2013 9:04am
Quoting Yuchen
It seems AU is trying to re-test 0.9000 resistance again. I think the hourly chart need to be closed above 0.8985 in order to break 0.9000. If it still cannot break 0.9000 today, then bull might will lose confidence and back to downtrend again. If it could break 0.9000, then 0.9300 might be come next week
Agree, if tmr unemployment data increase, the trend will be clear.
Logics do not apply in FOREX
  • #61,847
  • Aug 7, 2013 9:04am Aug 7, 2013 9:04am
USD index also at risk of breaking this upward trend from mid-June
Attached Image (click to enlarge)
Click to Enlarge Name: usd.png Size: 58 KB
  • #61,848
  • Aug 7, 2013 9:06am Aug 7, 2013 9:06am
I have 2shorts from 0.894, tp at 0.88
Logics do not apply in FOREX
  • #61,849
  • Aug 7, 2013 9:16am Aug 7, 2013 9:16am
Quoting bskwak1124
I have 2shorts from 0.894, tp at 0.88
Ballsy move Mav
  • #61,850
  • Aug 7, 2013 9:37am Aug 7, 2013 9:37am
Weakness in the usd pulling up the aussie. Problem is an established uptrend can't form only on the back the usd bearishness. Still need conviction of any sort for any Aussie Strength.
Trade what you see, not what you think!
  • #61,851
  • Aug 7, 2013 10:01am Aug 7, 2013 10:01am
Quoting Ssm
{image} This level got rejected for several times this week. Bears are not giving up a fight in this territory.
Bulls are still gunning for that .9 level. This will be the fourth tries this week to break that level. Will it break this time on the back of USD weakness?
The true fact is market doesn't care, risk mgt is important.
  • #61,852
  • Aug 7, 2013 10:12am Aug 7, 2013 10:12am
Quoting Ssm
{quote} Bulls are still gunning for that .9 level. This will be the fourth tries this week to break that level. Will it break this time on the back of USD weakness?
Initial rejection, lets see what happens in the next 15min
  • #61,853
  • Aug 7, 2013 10:13am Aug 7, 2013 10:13am
what the hell its running upwards so fast ??? what is it stop hunting? i realy cant understand that. anyone have any explanation???
trading is not an addiction. it's a profession.
  • #61,854
  • Aug 7, 2013 10:17am Aug 7, 2013 10:17am
Quoting haimber
what the hell its running upwards so fast ??? what is it stop hunting? i realy cant understand that. anyone have any explanation???
Was it fast? The rejection was fast too.
The true fact is market doesn't care, risk mgt is important.
  • #61,855
  • Aug 7, 2013 10:24am Aug 7, 2013 10:24am
Quoting Ssm
{quote} Was it fast? The rejection was fast too.
Hi

Thats called flushout the long


cheers
  • #61,856
  • Aug 7, 2013 10:24am Aug 7, 2013 10:24am
look at the weekly candle. looks very bearish.... might be nusty pullback on 0.90000
Attached Image (click to enlarge)
Click to Enlarge Name: audusdweekly.png Size: 26 KB
trading is not an addiction. it's a profession.
  • #61,857
  • Aug 7, 2013 10:28am Aug 7, 2013 10:28am
Quoting haimber
what the hell its running upwards so fast ??? what is it stop hunting? i realy cant understand that. anyone have any explanation???
It is because of the weak USD index. If you compare AUD to EUR/GBP, you could see that botho EUR and GBP get way faster and higher than AUD, which even did not come back for 0.9 level.

Also some short holders may started to close their positions and wait for price goes to 0.93 area if it is possible, that should be the end of this correction (If AUD is in upward correction now).
  • #61,858
  • Aug 7, 2013 10:30am Aug 7, 2013 10:30am
Looks like a clean break to me, lets see if we hold it on the retest lower
  • #61,859
  • Aug 7, 2013 10:30am Aug 7, 2013 10:30am
Seems 0.9 is clear now.
  • #61,860
  • Aug 7, 2013 10:32am Aug 7, 2013 10:32am
Quoting Yuchen
Seems 0.9 is clear now.

I am waiting for it to drop back to 90 and see how it reacts, then I will look to go long
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