Just Another A/U Thread...

I can say one thing for certain, after Tuesday's big rally from the dip below .7000 and today's big rally from the dip below .7000 that the safest way to trade Aussie is buying the dips!

as expected, we are heading up. Should reach .7200 and then make a run for .7300. Bullish daily pin bar candle in Tuesday, normal bullish candle yesterday, big bullish pin bar today on daily chart. Buy the Dips and Happy Trading!

Ideally I'd like to see a pullback around .7070 area and see some type of candle/chart pattern setup for longs...but I'm not sure price will make it that low. Just watching for now.

Ha! I wish I had enough money to move the market myself...then trading would be a lot easier! haha Have a great weekend! Cheers!

A couple times tonight I've seen Aussie dip down to .7090 during Asian session only to be bid back up above .7100 within 15-30minutes. Seems like that's the new near term support level.

Just another observation, while I've been a bit focused on the support of A/U and going long....I also have noticed some resistance around .7130 tonight. That's actually a good thing because now we have a narrow range(.7090-7130) and once price breaks out, we can get a better idea of the direction Aussie really wants to go. What I'd like to see is a break out, then a retest of that area, and then continued movement in the direction of the breakout. Hope that makes sense!

Well, looks like we are finally getting the pullback towards .7070 area I was looking for. Unfortunately it's too late on a Friday. Won't be opening any trades before the weekend. Have a good weekend everyone!

as expected, lots of support at .7070 area still.

Not sure if anyone bought Aussie at .7070 on Friday, but if you did you'd be up 50 pips already.

back on the net after the turmoil of moving country's ,good to see the thread is going strong ,great work as always PA

Thanks Buster, glad to have you back. Hope you're making lots of pips!

overall I'm still bullish Aussie, but looks like on the 1hr chart we may have a short opportunity from .7155 area for 30pips or so.

well, we never quite reached 30pips for a pull back(which means not many sellers/still lots of buyers)....so I only took 10pips profit.

However, I did just get 30 on a long trade thanks to the RBA policy minutes! .

Still looks like highest winning trades are buying dips on Aussie!

Here's my reasoning for "Buying the Dips" on Aussie being the best opportunity for a winning trade:
1) You can see with the attached 4hr chart that ever since the triple bottom back in the middle of January, we have been making Higher Lows on each "dip" on the 4hr chart.
2) RSI is trending up and not at an extreme overbought level yet, nor is it showing any divergence signals to short.
3) The 50&200 ema's have crossed up and trending up.

I'm expecting at some point a Higher High to form which would put AU up around .7300. This may or may not happen, I can't control the market...but if the pattern continues, that's what "should' happen. But remember, I said "buy the dips", do not buy at the highs...your probability of a winning trade significantly decreases.

I'll be keeping this view until the trend changes and we start seeing some Lower Highs and Lower Lows. Trade Smart and Happy Trading!

We are currently getting a nice pullback to the 1hr uptrend line. I would not go long right now, need to wait for a confluence of events to signal long. Price may even go below and then close back above like it has previously. Or price may close below, retest the broken trendline and then be rejected and go short some more. Either way, it's just a watch and wait at this point for me.

Looks like AU has dropped it's ADR(100pips) for today...hopefully something will set up.

Well, I hope there were some smarter people than me out there today! Hindsight is 20/20 and I missed this short setup on the 1hr chart:

1) Price formed a Triple Top around .7180(orange circles).
2) We had a couple candle stick patterns(railroad tracks and evening star).
3) Price was trending slightly up while RSI was trending down(Divergence).


Congrats if anyone who managed to get this trade! Enjoy your pips!

Woke up to find my shorts were doing well. One closed for small profit at first target of 7132, one missed next target at 7082 by .2 pips! Will hold for that target or replace the one closed at 7132 near 7182 if we revisit.

PA made a good case for buying the dips earlier. For mine I wouldn't be buying until closer to 70c

All of last week .7070 area was the support level...price always bounced back up above .7100 from there. Today the same thing, from .7080 back above .7100 now. Now we see what price wants to do. I'm thinking it should retest .7130 area and then we'll have a better idea if we are going higher or back down.

Happy Trading!

Looks like we got another higher low on the 1hr chart. This past Friday AU had a low of .7060. Today during the US session and tonight during early Asian Aussie has bounced up from the .7080 area to back above .7100 both times. 1hr chart just gave a bullish pin bar.

Some really nice instructive charts PA with how your evaluating price movement and well worth spending time on for newbies and not so newbies. So thanks for the time your putting in.