Dislikedprobing at the topside trendline @ 7683 again. this time it may well break above, because unlike at previous attempts when the AU was at this level, the EU and UJ were all also at extremes. Now, however, the EU is still at the middle of the day's range, so is the USD index. any further downside move in the USD index could trip the stops above. nonetheless, bought at 7661 and closing now to lock in profit. will sell if it reaches 7690.Ignored
Hi Ell3. We must have made simultaneous scalps. I stole 12 pips. There's more congestion in this area, .764-768 than usual. Most of the recent rises have been short lived before knock backs. It could be building for another push through .77. There have also been a lot of runs at .77 from August until now. I've been watching for bigger drops after the double and triple tops, but it keeps getting up and having another run at it. Possibly building steam for a bigger leap towards .78.... However, Dating all the way back to April this year all the daily candles except 2, which are side by side in October, develop wicks above .77 ie they close back below .77 So every time it went through .77 any shorts placed were winners.
....time will tell.
absolutely right about the multiple failures above 77c. but equally right about the congestion building up at the upper 76c. in my opinion, the market doesn't know where to go now. the rational direction should be up, because of yield differentials - and that's why the pair is hovering where it is, on the upper end. but that is in limbo becos of the impending fed hike. im suspecting there will be increased volatility ... for e.g., if the NFPs are a huge miss tomorrow, it will shoot high up --- and then, get faded all the way down, and vice versa.
