Continue to go long when this pair retrace back to D1 support on the chart.
- RBA is expected to pause rate cut for this November. However, future rate cut is more cloudy as 0.75% is already the lowest level of rate in Aus history. Moreover, RBA need the previous rate cut to kick in the economy to avoid cutting rate to fast and too hard. Therefore, I...
AUD is strongly bullish recently due to the improve risk sentiment. As global economy is showing sign of recovery, FED confirm that US economy is in good shape, AUD continue to enjoy this bullish move for at least till next week.
However, with several data come out next week, there might be some volatility for AUD pairs. Most important is the rate decision....
Global monetary policy has turned from hiking rate to rate cut and QE. Only BOE and BOC have not followed these rate cut path; however, given recent data miss in Q3, I am expecting these 2 central banks will cut rate in the near future.
XAUUSD not only react with news of trade wars (US - China) or Brexit, it also react with the market expectation of more rate...
Due to better risk sentiment, commodities currency like NZD gain quite some strength in recent weeks. In this pair, we can clearly see that NZDJPY is lingering around strong resistance. Wait for breakout then play the breakout trade.
Follow the previous idea of EURAUD, its has a very nice fall from the top of the rising wedge. Given its price action, EURAUD will continue to fall to the nearest resistance. So therefore, no buy for this pair, even to anticipate a retracement coming up.
GBPJPY enjoy a great short-term push up due to Brexit hope. However, as Brexit come to an end, GBP pairs might lost it market drivers to push it up more and profit taking action from GBP buyers will take place. On the other hand, if Brexit is not successful, GBP pairs will be forced to move down again. Either way, wait to sell GBP pairs might be a good choice in...
EURAUD is in correction wave from the big move down.
- The correction wave appears to be rising wedge which will completed at the right shoulder of SHS bigger pattern.
- This is not the time to sell as Correction wave has folded out yet.
I will look for bearish confirmation around 1.64 - 1.6450 with the target at 1.59 neckline position.
Following CHF ideas, NZDCHF is clearly forming bottom pattern ( Round bottom). Not the best time to buy but great to put in watchlist to keep track.
Once breakout of this bottom formation, big move is ahead