EverythingForex
Long

UPDATE #1: TRADE: AUDUSD: BUY@0.70000 MAJOR TREND CHANGE! Wave 5

FX:AUDUSD   Australian Dollar/U.S. Dollar
772 4 20
With this pair continuing to decline, I have set a firm S/L at 0.69489 which is at the very limits of a possible Cypher C point. If prices surpass this point, then I will be out and will be waiting for another signal to trade short or long.

I have said that if 70 cents did not hold, then 60 cents could be targeted. And it is starting to look that way. But I will stick with my plan for now.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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wwfm
a year ago
it all depends on NFP
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EverythingForex PRO wwfm
a year ago
Sure. Of course the NFP will have a say. But if you notice in this pair lately, the dominant currency has not been the USD. The AUD has dropped due to the fears of further China economic slowdown upon which AUS is heavily dependent. The correlations between the AUD/USD, DXY and USDCAD have been off as of late with each pair dealing with it's own correlations to other markets (USDCAD is inversely correlated to AUDUSD but USDCAD has a higher inverse correlation to crude. With crude having risen over the past weeks, it was expected that USDCAD would fall as it is a commodity-based currency with oil as it's main corollary.) What this adds up to me is that while the NFP will affect all USD crosses regardless, in which direction and by how much it will affect this pair is unknown at best. Personally, I have no clue how it will be affected and will most likely either close the trade before the NFP or pare back on it at the very least to reduce exposure. GL!.
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wwfm EverythingForex
a year ago
I would say perfect target will be limited by 0.72 but we never know
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EverythingForex PRO wwfm
a year ago
I agree. In my trade post, that is my target. If it were to get to 72 cents, I'll be looking to short from there for another leg down in this pair in what could be the final wave (5) of the MAJOR DOWNTREND near the 60 cents level.
+1 Reply
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