AUD/USD

I'm spewing... I accidentally bought at 0.703 (yes literally click buy instead of sell). damnit. I should really stop trading on mobile.

Alright my take on current A/U PA is the median point is @ 7050 and the bandwidth is 100pips up down. Bear holding lvl is currently @6950 which needed to be taken out to confirm continual downside PA. For those who have missed the last downmove is advised to wait for another bounce before selling cos PA can very likely to morph into a consol/rangey mode whipping and having a go at both the band top and band trough of 100pips up down the median point before falling back to a trendy mode.

Cheers and GL.

GS.

hate when I do that lol, todays open at .7036, weekly pivot .7046 , could be a test level before it goes much farther

Ive done that before also As well as opened a trade with the wrong pair .

lol, hate when Ive done that too ,

Ah, Fat Finger !!
Very occasionally it can be a 2-way street. Late one night a few years back I experienced Fat Paw.
My cat jumped up, walked along on the keyboard and triggered my opposing order, closing me out of my open position.
Puss saved me $thousands that night as I had a small loss at the time which only would of got deeper into the red had he not stopped meowt...

Thanks for the pity. Ill hold it for now. It's not a terrible position. But it might be after this China news.

i am not trading au lately but i guess, bulls must be in a little trouble:
we stopped hearing from the troll about his audusd and euraud trades... and yes, the usdcad shorts too.
from this point, expecting some bullish activity but most likely it is going to be something like bitching she is still alive.
let's watch and see.

I was expecting it to break below .700 and more bearish action to come. However, i reckon as of now, .700 is providing comfort for the bulls to cushion on currently.

Good R&R to trade

Cheers!

https://deal.ig.com/platform/headlin...oryTearOff.jsp

This on Reuters at 1:30....."Australia exports earnings in hole as commodities crater"

I'm still short

Australia export earnings in hole as commodities crater
03-02-2016 13:33

 

1. Trade deficit widens to $3.5 bln, vs forecast of $2.5 bln
2. Goods exports at five-year low in Dec as prices crumble
3. Service exports a bright spot as tourism booms

By Wayne Cole
SYDNEY, Feb 3 (Reuters) – Australia's trade deficit blew out to a six-month high in December as prices for key resource exports tumbled at the end of a torrid quarter that dealt a hefty blow to national income.
The outlook was no more cheery with the latest plunge in oil prices rattling world markets and prompting the Reserve Bank of Australia (RBA) to concede a rate cut might be needed to stem any lasting economic damage.
"Record deficits persist as the collapse in commodity prices is only partly offset by a lower currency and strong export volumes," says George Tharenou, and economist at UBS.
"The trade sector remains under pressure and a further currency depreciation would be helpful." The sudden reversal of risk sentiment has seen the local dollar drop more than a full U.S. cent in two sessions to touch $0.7010 , with notable losses on the safe-haven yen.
Investors are now pricing in a 36 percent probability of a further cut in interest rates by April, rising to 76 percent by July .
So far, the central bank has refused to be panicked by global events and held rates steady at 2 percent after its first policy meeting of the year on Tuesday. ...
It would hardly be alone were it to ease. The Bank of Japan having already cut rates below zero this year and the European Central Bank flagging a possible expansion of stimulus for March.
An added vulnerability for Australia is its position as a major exporter of resources whose prices are in free fall.
The RBA's own index of commodity prices sank by a quarter in the year to January, dealing a hammer blow to export earnings, mining profits, wages and tax receipts.
The country's terms of trade, what it gets for exports compared to the cost of imports, looks to have dived around 5 percent in the fourth quarter to hit a decade-low.
The affect was all-too apparent in trade numbers from the Australian Bureau of Statistics which showed the value of goods exports in December was the lowest in almost five years.
With total exports falling 4.7 percent and imports down only 1.5 percent, the country's trade deficit widened by nearly a third to A$3.5 billion ($2.45 billion).
The one bright spot was service exports which climbed to record highs as more tourists were lured to Australian shores by a lower local currency.
In all, travel exports were over 15 percent higher in December than a year before, a boost for jobs given the labour intensive nature of tourism.
(Reporting by Wayne Cole; Editing by SImon Cameron-Moore) (([email protected]; 612 9321 8162; Reuters Messaging: [email protected])
Keywords: AUSTRALIA ECONOMY/TRADE

Thomson Reuters Limited. Click for restrictions

If this bearish cycle plays out in the index it could be breaking out of this channel in the next 24. There is an opposing - bullish - cyclical indicator in the underlying pair that may stall it or or restrict the downside if the price action stays technical. I think given the current momentum we see a little decline as we head through the balance of this session and into the London open.

Keeping it simple
I'll be looking for PA reasons to buy at fib support

Thank you for the sleek layout of your analysis.

Thank you, I appreciate the positive input.

well if ya held on your bout to be squared awayed

Yes

Much respect for your analysis over the years
Pending short 7055 area targeting 6990

Escaped!!