AUDUSD: Huge breakout, similar to copper and iron ore

FX:AUDUSD   Australian Dollar / U.S. Dollar
We have a potential breakout of considerable scale in the Aussie dollar chart. I'd highly reccomend entering longs if not in, you can risk either 3 times the daily ATR for the long term, or use Friday's low as your stop, more aggressively.
The target is the 0.8350 handle, to be confirmed after the bi-weekly time at mode signal on chart confirms. For now, it's not yet confirmed, but highly likely, so we can get in early on. I'm adding a shorter term entry here, on a break of Friday's high, with stops under Friday's low, to complement my longer term position in this pair.

Check out my copper             forecast in the related ideas, as well as the oil             an commodity index charts. We're in the brink of a massive move, that if confirmed, can be ridiculously profitable for all of us if it pans out like I expect it to. This also ties nicely with China's inclusion in the SDR             basket today, OPEC's deal, fears of Deutsche Bank's failure dissipated, and Australia's fundamentals overall.


Ivan Labrie.
Comment: Looks good, new high.
Comment: We might break out of the range here today, keep an eye on it.
Trade closed manually: I don't like the erratic price action in eurusd and audusd. I'm out for now.
Holding USDJPY long, GBPUSD short, XAUUSD short, XAGUSD short, NGAS long, USOIL long, and equity/commodity trades.
Trade active: Covered NZDUSD short for 1% profit.

Reentered AUDUSD long:
Comment: This pair might soar:
Comment: Close half of the long position.
Trade active: Went long AUDUSD and Copper again today, right after NFP.

AUDUSD stopped, have to reenter on a break of Monday's high.
Comment: After a test of support, the breakout is now fully confirmed...if we have daily lows above 0.7719 soon, it'll soar.
i'm with you on this long entry up! Cheers mate!
Hopefully we get it...good luck!
+1 Reply
SkyrEk IvanLabrie
Monday's high, which means u will enter long on a break of .7680?
don't understand your logic to get long here since AUDUSD still has not broken above the long term downtrend trend line - care to explain
Check out the orange 'inside trendline'.

Multiple bullish factors for this pair, both fundamental, correlational and technical here.

I don't use normal trendlines but pay attention to broadly followed lines. They tend to be late.
jorv2074 IvanLabrie
Did turn out the way you expected. That 77-77.50 zone is tough nut to crack and the fundamentals also don't support aud breaking that wall. The only way AUD breaks this zone is if Trump were to get elected but I don't see that happening either
+1 Reply
Indeed, it's tricky, but if we get more bullish sentiment in equities it might be feasible. Also important to consider China's influence, and the SDR basket inclusion of the RMB.
I think ivans logic and analysis is correct. There is a big uptrend coming. although i always run my own analysis with any ideas i see to follow my own entry strategies i wouldn't of entered long yet unless we broke above .77200 for me i can see an absolute perfect elliott wave downtrend most perfect i've seen i opened a short when rsi was up and cci crossed 0 at point c of triangle signalling end of wave 4 closed half now letting the rest play but when wave 5 finishes there will be massive uptrend
wolfstreetswinger wolfstreetswinger
Great entry point if we complete wave 5, if that dosnt play out will still be looking to go long around .772000 either way i still think theres a big uptrend to be had
IvanLabrie wolfstreetswinger
Yes, maybe it drops once more. For now, there's a short term setup that gives me a long entry here...it might or not, evolve into confirming the larger move, but we can't tell yet.

I close half because it's close to my stop, if I'm stopped out I lose less than my original risk, if not, it still has a chance of making money. I only do it when things show me reduced odds, say 50/50%.
+1 Reply
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