AUD/USD

Quoting ell3

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in the larger scheme of things, as of now, the drop from 7750-7590 is still small and cleanly within the bounds of a minor correction influenced by short-term market sentiment (last week saw quite a few swings in US & Aussie data sentiment). the fundamentals have not changed and so as the dust clears, the bias should get clearer especially since we've got a quiet market calendar this week. good luck and trade safe!

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Quoting PowerTrade

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{quote} I hope so, because I'll re enter the trade when I see some volume confirming it, I was just stopped out with a long entry.

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Quoting ell3

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{quote} nothing's cast in stone, as long as you identify the support/resistance levels and decide for yourself, if it goes against you, which one you'll want to get out at. i like to enter at support/resistance areas since it limits risk and losses...like if it breaks the S/R against me i will get out immediately. although sometimes i get a bit excited and screw up by failing to get out when i should (like i did last week and lost half of what i earned in the week)... avoid that kind of mistake.

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Quoting ell3

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welcome back to the trading week! well, let's see where we are... Fundamentals - "good" employment data last week, which was nonetheless questionable and so should have a net zero effect - conflicting US data again, coupled with unconvincingly divided Fed speakers...net zero effect - Essentially, nothing much has changed from the week before. if any change at all, it should be positive for AUD/USD Technicals - failed once again at the 7750 level. this time the previous low didn't hold, so now we're down at the 7590s. - trading substantially below...

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Quoting PowerTrade

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{quote} Yes, I think that's the most difficult part, last week I've also lost half of the profit I made with oil >_< Thanks for your insight *thumbs up*

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Quoting SkyrEk

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{quote} Hi ell3, I share a similar viewpoint of the top isn't done yet, i am expecting it to go up one more leg before the roof is concrete. Cheers, have a good trading week!

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Quoting ell3

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{quote} thanks. you're welcome! {quote} indeed, on the technical front, the pattern looks very much like a pre-uptrend consolidation when you zoom out to the 4hourly/daily charts. it has already tested topside trend line resistance and broken through. the retrace has so far not reached the bottomside trend line.

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Quoting ell3

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welcome back to the trading week! well, let's see where we are... Fundamentals - "good" employment data last week, which was nonetheless questionable and so should have a net zero effect - conflicting US data again, coupled with unconvincingly divided Fed speakers...net zero effect - Essentially, nothing much has changed from the week before. if any change at all, it should be positive for AUD/USD Technicals - failed once again at the 7750 level. this time the previous low didn't hold, so now we're down at the 7590s. - trading substantially below...

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Quoting Zakhar13

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The trend will grow in the direction of the level 0.76722 and will continue to test the resistance line then. I would start to buy now. {image}

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Quoting Don96

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watching 0.7586x and 66 for AU for potential on some longs

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Quoting ell3

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Sharing my short term trading chart - i use this for scalping. Purple lines are S/R lines which i anticipate will see a bigger bounce off. So i generally execute a trade in the opposite direction when it reaches these lines. Of course i don't blindly execute a trade, i watch the PA first. If it breaks the S/R line, i'm out within 2-3pips' loss usually. Looking at the chart, it's likely to shoot back to 7639/40 before bouncing off again. The next target after that is pretty close.. the 4h 100ma at 7644. So i'm pretty confident the level should hold...

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Quoting venividivici

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This is my biased opinion..Bearish..but this is trading, anything can happen...image below {image}

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Quoting PowerTrade

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{quote} That is similar to what I'm seeing, do you have any indicator supporting this? Every analyst is saying they're wating for AUD to strengthen. Ready my previous post.

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