FX:EURAUD   Euro Fx/Australian Dollar
356 12 3
On the daily time frame the price still climbing an up channel to , but now is on a sensible zone , support zone , then we have 2 choice , the support will hold the price again to make other higher low , or let the price falling down ...
i think waiting the market decision better than taking a bad one like SHORT or LONG now :)
so we are in front of two choices :

- waiting the breakout of the neckline to going up and still in the main trend

- waiting the breakout of the supports level ( horizontal + canal ) to going short , cause the support become weak and will play like resistance role in the other days

ForceFollower
2 years ago
Looking bullish and should go up, unless your orange resistance holds.
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alex.a ForceFollower
2 years ago
after GDP data, I am sure it would go down. I am shorting at 1.53 in case spike up ~
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ForceFollower alex.a
2 years ago
I've notice you can read the released economy figures very well, alex.a. :-) Worth asking for your advice. What's your next expectation as far as the coming news announcements are concerned?
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alex.a ForceFollower
2 years ago
I don't know. But Euro spike up and down because of DXY buyer at that low due to tapering effect - and now it shows London bought the AUD at this Chinese news or London reacted the lower USD portion to go up, I have no idea which one it is. So, AUD recovered which means everything is working for Nizar's direction at THIS MOMENT. That much ~
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ForceFollower alex.a
2 years ago
The AUD recovered, because it was oversold.
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Sam0101 ForceFollower
2 years ago
y oversold wil cause the AUD rallies?
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ForceFollower Sam0101
2 years ago
Perhaps not 'cause' but 'is conducive' to relative strengthening of a currency. For example currently the most oversold ccy is USD, but it hasn't found it's momentum cycle bottom yet, I'm afraid. Anyway, any time soon you can expect a relative strengthening of USD, so I wouldn't bet on the greenback's weakness at the moment.
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alex.a alex.a
2 years ago
My other words are cut out ~ Don't know why... London is buying AUD. I have no idea which reason, lower DXY or Good Chinese DATA. So far careful with announcement of Christmas Q4 data from EU and then it will go our dude's direction "so far"
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Sam0101 alex.a
2 years ago
alex u really hav a deep analysis..... great !
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ForceFollower alex.a
2 years ago
I don't think we've seen the lowest low in DXY yet (regarding the current move of course), new lows in sight there.
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alex.a ForceFollower
2 years ago
Because even if EUR wants to go higher, if USD is relatively low, then a lot of low-valued-USD buyer will appear to suck in. So, I guess those buyers won't be silent at that lower USD value, especially when Tapering was announced and active .
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NizarRahalii
2 years ago
finally breakout the resistance and forming a nice reversal H&S pattern , Im buyer :)
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