2ndSkiesForex
Short

Aussie Breaks Yearly Lows. Approaching Mutli-Year Target

FX:AUDUSD   Australian Dollar/U.S. Dollar
198 15 3
After consolidating between 9000-9300 for over a month, the Aussie broke the yearly lows on a horrible homebuilders report and a likely rate cut by the RBA coming up.

In taking out the yearly lows at 9000, the pair is setting up to hit a multi-year target and Aug. 2010 swing lows at 8775, so watch for pullbacks towards 9000, or intraday setups around 8950.

Kind Regards,
Chris Capre
AncientM
3 years ago
Looks it is setting up for your red arrows...following this Chris
Reply
Chartreader
3 years ago
So you suggest a buy limit or wait for pull back? What is your style!
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2ndSkiesForex
3 years ago
@chartreader - well it says in the commentary watch for pullbacks towards 9000 or 8950 and my bias is short, so looking to get short on a pullback into resistance.

Hope this helps.

Kind Regards - Chris
Reply
Ryan Tyler
3 years ago
Thanks for your analysis Chris. I think this is still valid. Still waiting for the pullback
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2ndSkiesForex Ryan Tyler
3 years ago
Hello Ryan, glad you are enjoying it. I'm thinking its still valid as well, but may have to look for a more shallow pullback. Also considering the NZDUSD which is offering some good price action setups as well.
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Chartreader
3 years ago
Excellent forecast Chris. Things is happening exactly the way your arrow showing... Good Job
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2ndSkiesForex Chartreader
3 years ago
Hello Chartreader, thanks mate. Hopefully you were able to get in on the level, and either lock in some profit, or neutralize risk at this point.
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Chartreader 2ndSkiesForex
3 years ago
Aussie have broken the resistance and looking confident may be for the interest rate news! So the downside target will not hold now I think. So what is the next target (upward) ?
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2ndSkiesForex Chartreader
3 years ago
Yeah after the first touch on a breakout pullback (which did move over +60 pips in our favor), I generally do not consider getting in on a 2nd touch per se (unless that pullbacks is weaker than the first).

As to where its headed now, anytime I see such a powerful counter-trend impulsive move, I generally consider only two options;
1) stand aside
2) look to get long on intraday pullbacks.

If it can clear 9100, then 9184 should be next upside target
Reply
AncientM
3 years ago
AUDUSD is not following any trend since yesterday ! I am in loss dealing with this pair!
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2ndSkiesForex AncientM
3 years ago
Well it is following a trend, just a new one, now in a bullish direction short term. One has to be flexible with their bias, meaning be willing to be wrong, and take the other side if you are.
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pradafx 2ndSkiesForex
3 years ago
Hello Chris, I think above resistance will now act as a support level. I am waiting for it.
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2ndSkiesForex pradafx
3 years ago
Hello Prada, Yes, this counter-trend move is quite impulsive, so will consider selling around 9300, or intraday pullbacks to get long.
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Ryan Tyler 2ndSkiesForex
3 years ago
Wow, That's exactly the area I am looking at the moment.
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2ndSkiesForex Ryan Tyler
3 years ago
Hard not to want to sell at this level considering it was resistance for over a month, so will definitely watch for price action signals there.
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