2ndSkiesForex
Short

Aussie Breaks Yearly Lows. Approaching Mutli-Year Target

FX:AUDUSD   Australian Dollar/U.S. Dollar
199 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
AUDUSD is not following any trend since yesterday ! I am in loss dealing with this pair!
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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
Hello Chris, I think above resistance will now act as a support level. I am waiting for it.
Reply
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
Wow, That's exactly the area I am looking at the moment.
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2ndSkiesForex Ryan Tyler
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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Excellent forecast Chris. Things is happening exactly the way your arrow showing... Good Job
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2ndSkiesForex Chartreader
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
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
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
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