FX:AUDUSD   Australian Dollar/U.S. Dollar
76 5 1
AUDUSD             in a line of high support
If I may suggest the other side of this trade.
Structure and the MA have been broken and retested/failed.
There is obviously - at least in the short term - been a change
in trend. so I would be careful trading the long side. Especially with
the strong support you suggest closer to .9200 then where price is
currently and there is NO divergence in the RSI that would suggest
strength. I would wait and short the next retest of structure - definitely
if the MA is also at that price. To me this chart shows weakness and
thus, rallies should be sold instead of hoping for a bounce.
{{{Of course I'm only right half the time and that's on a good day}}}
Thanks for your thoughts
Wishing you lots of pips in 2014 !!!!!
Reply
ForceFollower dojitrader
Recent price behaviour of AUDUSD has been so fishy that it's real hard to tell where it's going to. Very uncertain. It doesn't look like it's found solid bottom yet though - price action doesn't confirm it. Rather, it's going to test 0.923 area first, before any substantial rally starts. However, I differ in my view that I'd rather be looking to go long than short, because the trend, by my standards is still up.
Reply
dojitrader ForceFollower
Yes, the longer term trend - the purple trend line - is still up until
around .9200 and the Tline is broken. I just wouldn't jump in
to quickly with the current structure showing weakness.
I'd consider long at the T line. Until then I'll be selling retests
of short term structure.
Reply
gacafola dojitrader
I agree with you, if we look at the D1, is completely bearish. Ideally, wait for the progress and always keep an eye on. Thank you for your cooperation and understanding, many pips to all!
Reply
Looks like the market did not like my idea for a reversal point of support.
I stand corrected !
Can you imagine that ~~~~ the market not doing what I thought it should ?
On the other hand it makes my original idea of shorting the MA more likely,
in my mind, for now. I'll be looking for short conditions when it gets there.
Best of luck and wise analysis to ALL !!!!!
Reply
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