2019-12-09 • Updated
Trade ideas
SELL 0.6805; TP 0.6770; SL 0.6820
BUY 0.6660; TP 0.6680; SL 0.6650
SELL 0.6685; TP 0.6630; SL 0.6905
Last week AUD/USD managed to take off from the 0.6760 area. Then it consolidated between 0.6855 and 0.6810. On the downside, the 100- and 50-day MAs support the pair. These lines made a positive intersection. Daily oscillators are moving higher. This means that the Aussie has potential to test the long-term downtrend resistance line in the 0.6880 area.
On the H4, we can see that the consolidation is taking form of a symmetric triangle. A false break to the upside took place on Friday before the pair stabilized at the 200-period MA (0.6830). Beware the volatility related to the US-China trade war.
The trading strategy is either to look for buy patterns in the 0.6810/20 area or to sell on the break below 0.6810 targeting 0.6770. The advance to the 0.6880 area may be a reason to look for sell opportunities.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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