AUD/USD

Quoting thewriter30

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{quote} Hi there...cannot see that triangle you mentioned in the weekly chart. The weekly chart tells me maybe that the top is near, althought it is 100pips or more from this level {image}

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Quoting thewriter30

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Thanks @msfu and @paulDaemon. Very clear MSFU, the thing is sometimes the triangles seem a little manufactured if you know what i mean...as if we see what we want to see. So i wanted to see how experts or sucessful traders draw patterns The fact that it has been compromised either way means what? I will read that post now thanks a lot

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Quoting PaulDaemon

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{quote} Now its a wait and see This bit of data will move the market in the next hr USD Core Retail Sales m/m USD Retail Sales m/m also AUD employment later on

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Quoting thewriter30

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Or maybe put in other words, how do you guys spot FAKE breakouts?

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Quoting msfu

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{image} @thewriter This is the daily chart. Now take a look at the weekly. When it broke out above, the weekly candles closed inside the triangle. In contrast the breakout below the triangle closed on a weekly level outside the triangle. Price actually tested the trendline again today on the hourly and retraced. It also hasn't managed to set foot inside either. That's what he means. {image}

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Quoting ell3

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{quote} You wont know it's a fake until after the move is completed...and in which case you will see that the price moves cleanly back into the original trend/zone. From my experience, the quick moves often result in a fake breakout. Versus if the market has slowly inched towards the support/resistance point before moving through steadily. Btw all those calling for the pair to fall like a brick, isn't it a little dubious that while the usd has been rising, the AUD has remained somewhat resilient? That's quite a bit of a warning signal for bears....

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Quoting thewriter30

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{quote} Thanks for that. By the way, I was thinking exactly that...why isnt the AUD falling when others did...its adr pretty low

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Quoting Blackopal

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{quote} Fundamentals. Why would it crash now when iron ore, No. 1 export, is at current very profitable levels and high volume exported? LNG profits coming in from recently completed projects. Thermal and coking coal prices have made big bounce from low. I follow the charts too, and they make me cautious, so I've only been scalping small lots, but I can see no fundamental reason for a large drop in AUD from the Aussie side of the fence, only the U.S. side that shows fundamental prospects of the U.S. dollar strengthening.

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Quoting Not-KPMG

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{quote}  Nice chart. Good logic. This triangle and trendline business has been going on... So break down? Just like euro a month ago.... Seems prudent to sell.  Target as discussed below 0.68 still??  Mind you, i don't trade this.

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Quoting thewriter30

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 is refreshing to see if am not braindead. I thought of iron ore and looked it up and couldn't believe how much it grew. but I wasnt sure that was it. There was this bomb thrower as we call them in Argentina who was saying aussie should hot parity again and there are other bunch of analyst who believe there is another mining boom. scam I  guessÂ

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Quoting jpcashflow

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Any one have an idea why the AUD is hovering high and mighty against the JPY? I thought the AUD would of been heading south with the negative data?

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