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Quoting lasty
{quote} chinese stockmarket down 2.6% If momentum picks up on a stock slide then I expect the aussie to go with it .. Technicals and fundamentals have been disregarded of late hence these erratic price movements in currencies. One thing that I think can be correlated is stocks and certain ccy pairings. But just like everyone else I'm clutching at straws for a reason.

I think a lot of times we have to factor in as well USD strength. If this coming dip does come, then i reckon the other USD pairs will be dropping too.
On quick glance, there are already signs of weakness in GU.
You are probably right, it is really hard to find reasons to buy into AU at this level.
Quoting 10cents
{quote} On quick glance, there are already signs of weakness in GU. it is really hard to find reasons to buy into AU at this level.
What do you mean by GU. Gold? If its Gold you mean its not true brother. Check February Gold chart( monthly ). Its too strong to be ignored by AUDUSD bullish. February bullish candle strongly closed above Bollinger Middle Band. January bear was nothing but doji. Apart from that, last monthly bullish candle is just strong, though closed below Middle Band. AUDUSD has similar setup with NZDUSD on monthly chart. My mentor would say: When setup is strong it finally breaks barrier - s/r and Middle Band "
Quoting 9jatrader
{quote} What do you mean by GU. Gold? If its Gold you mean its not true brother. Check February Gold chart( monthly ). Its too strong to be ignored by AUDUSD bullish. February bullish candle strongly closed above Bollinger Middle Band. January bear was nothing but doji. Apart from that, last monthly bullish candle is just strong, though closed below Middle Band. AUDUSD has similar setup with NZDUSD on monthly chart. My mentor would say: When setup is strong it finally breaks barrier - s/r and Middle Band "
Was talking about GbpUsd pair, sorry if i wasn't clear about it.

Anyway just got in with a small long here at 7777. A quick trade with a SL at 7750.
Looking to sell at around 7800 or slightly higher up.

Update:

TP set at 7812

Update:

Trade closed at 7812
Quoting 10cents
{quote} Was talking about GbpUsd pair, sorry if i wasn't clear about it. Anyway just got in with a small long here at 7777. A quick trade with a SL at 7750. Looking to sell at around 7800 or slightly higher up.
Goodluck.
It always starts small. >0.7 here we go. It'll be painful, it'll be long, but we will get there and then... 0.6 will be in sight. It just takes time.
whatever, I'm going short now. This ones a little bit of a gamble!
Hmm.. reversal @ 0.7200 may be possible - weekly charts. I think the bulls still have the upperhand. Although when looking at AUS200 a reversal may be imminent..

Again patcience is once more the key.

Grz

Brabo
Quoting ell3
whatever, I'm going short now. This ones a little bit of a gamble!
Omg that was indeed a gamble that hasn't paid off so far.. Aud Bulls are just too confident.
Quoting PaulDaemon
{quote} Yes you are right as soon as turnbull was in the dollar went up. And also enjoyed Abbott's humor.
I get the feeling that we wont see a change until after the election...
Quoting ell3
{quote} Omg that was indeed a gamble that hasn't paid off so far.. Aud Bulls are just too confident.
Clearly bounced of 777, im long @ 77886, not sure when my tp will be, already have SL set at 779 just in case. Maybe 782 tp - I'm watching the price action by the minute though for any sign of a possible reversal down.

Edit: As I'm speaking I closed the trade, but audusd is crazy strong looking, would not want to short here despite there being a very good chance it's a good idea on a weekly timeframe.
Other than for scalps and quick in-outs........ i don't see any good reasons to buy here.

This is a key resistance level.......

I believe the bears are just waiting for a solid test and rejection anywhere around this 7830 - 7900 level. May see an over-run spike up but high chance it will be sell down quickly.
Quoting Starcraftmaz
{quote} Clearly bounced of 777, im long @ 77886, not sure when my tp will be, already have SL set at 779 just in case. Maybe 782 tp - I'm watching the price action by the minute though for any sign of a possible reversal down. Edit: As I'm speaking I closed the trade, but audusd is crazy strong looking, would not want to short here despite there being a very good chance it's a good idea on a weekly timeframe.
yeah, agreed. the reversal came at a time least expected and went really strong. commodities are still down, oil hasn't really changed direction since earlier today. just awhile ago i was afraid of going long...you'd think the bulls need a break especially after a few aggressive days pushing to the peaks, but here we have the aussie shooting up 70pips in 2 hours yet again. i think we're looking for final target around 7850. ive read around there are hints of major sellers at that level.
Quoting 10cents
Other than for scalps and quick in-outs........ i don't see any good reasons to buy here. This is a key resistance level....... I believe the bears are just waiting for a solid test and rejection anywhere around this 7830 - 7900 level. May see an over-run spike up but high chance it will be sell down quickly.


Short taken at 7814, I just can't resist it. SL 786.
Quoting Starcraftmaz
{quote} Short taken at 7814, I just can't resist it. SL 786.
seriously?
i gambled on the short at 7790 earlier but ditched it. i think as europe goes into lunchtime it may drop a little, but looking at the price action im quite certain the US open is going to drive it up once more. good luck on you bro, maybe i'll end up joining you soon
When every man and his dog goes long, it's always the best time to go short. But I'm always short.
Quoting cold chisel
When every man and his dog goes long, it's always the best time to go short. But I'm always short.
the majority of traders are short btw.
Shorting at these levels also cross my mind but when i think that big money taking this pair from 68xx to 78xx why go down before reaching around 80s and taking out the shorters , convincing people downtrend ended, so i prefer just to watch till a clear build up for short....
Chief Member of 220 mph Riders Club...
Quoting tunera
{quote} the majority of traders are short btw.
It's their problem. I"m always short.
Quoting ell3
{quote} seriously? i gambled on the short at 7790 earlier but ditched it. i think as europe goes into lunchtime it may drop a little, but looking at the price action im quite certain the US open is going to drive it up once more. good luck on you bro, maybe i'll end up joining you soon
I swear I'll move the SL into positive territory as soon as feasible.
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