Following the most recent RBA meeting, the Aussie dollar has been sold off.
This trade idea is a continuation of the current trend, following a reversal in Aussie strength. Crude oil strength is currently providing additional support to the CAD$.
As political squabbles in Europe disrupted the flow of vaccines from various manufactures, the markets have been dumping euro holdings and taking a firmer stance on risk .
This trade is a continuation of the trend, following the recent sell-off from 127.60
New Zealand's handling of Covid-19 and support to the economy has seen the dollar run rampant against most currency pairs.
The RBA have continued with additional QE and have shown little appetite to introduce anything new to their current policies. Rates arent expected to move until at least 2023.
This trade is a continuation of the current trend.
You could argue that GBPAUD has already shed enough value, but there's another leg lower on the 4hr timeframe.
Fundamentally the Pound remains in a horrible place Trading wise and to see so many long net positions by retail traders only makes me think we're going LOWER.
The 4hour chart shows a clear support zone that price has been respecting, however it also makes part of a head and shoulders pattern and a break below, followed by a re-test opens up a huge range below.
This and Gold are my two priority watch-list trades so far.
Waiting for price to pull back into it's most recent demand zone at 1411 before we enter our buy order.
A break of 1417 will signal another buy order and will look to layer them in, with targets at triple top 1437
Price has been grinding against a bullish trendline but finds itself part of a higher timeframe bearish run.
Price has now broken to the downside and we can expect another leg lower to find support at the 1.1030 level