EliteTrader101
Long

Aussie moving with Gold

FX:AUDUSD   Australian Dollar/U.S. Dollar
Gold             is about to rally for the seasonal trade so it should boost the Aussie up one final level. Nugt             gold             miners etf has Institutional support at this liquidity level. I'm looking for a stop hunt below all this liquidity to get the rally started tonight.
I need to see 2 more levels to be broken.
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So you're waiting for higher prices? Most big traders buy low sell and sell high, not buy high and hope higher. Maybe by that time it may just fall back down to the bottom of this sideways range.
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Take a look at AUSSIE and Gold 2nd half of June last year...
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Last June we were in a trending market, but this year is a rotational market. Buyers came in the AU last sept to remove some of the selling pressure, then those buyers got stopped out early this year plus some weak traders shorted on the break. Large institutions would have loaded up massive size at the bottom. That is why I'm more long biased for now. I wouldn't be short AU longer term unless i see a large build up of shorts, then watch them get stopped out on a trap move.
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EliteTrader101 EliteTrader101
Another reason for being long AU is just simply look at each level as it is higher than the last level of balance
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