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Looks like a nice clean retracement ready to be sold into...
BentRod
ZZZZzzzzZZZZzzzzzzzz
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haha....Now you talking Fapy 
Aussie is close to breaching that channel on the Daily chart.
Fourth touch usually does it IMHO.
Aussie is close to breaching that channel on the Daily chart.
Fourth touch usually does it IMHO.
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Retest 0.6350ish is looking likely.
Retest of 0.60c possible.
Retest of 0.60c possible.
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Potentially 0.5250 is not out of the question, give the current pattern that is forming...
Glen48
Money can't buy Poverty
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Gold going up trust in the USD going down...this is the start of a new World.
CanOz
Home runs feel good, but base hits pay bills!
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That pattern may not be completely formed yet FAP....you could see a bounce off that it, not a break. Be prepared for both.
Cheers,
CanOz
Cheers,
CanOz
Hi guys,
Looks like all the pairs are gearing up for their next big move. We are seeing charting signals everywhere (for example descending wedge on this pair although it could still go for a few days), and lots of traders are commenting to me they are looking for a signal to go long!
Are we in for a bear market retracement for currencies against the USD?
My own strategy is sounding alarm bells as the moving averages for this pair begin to bunch together on the daily and hourly. Even the bollinger bands are starting to look like they want to move with the wedge lines.
Looks like all the pairs are gearing up for their next big move. We are seeing charting signals everywhere (for example descending wedge on this pair although it could still go for a few days), and lots of traders are commenting to me they are looking for a signal to go long!
Are we in for a bear market retracement for currencies against the USD?
My own strategy is sounding alarm bells as the moving averages for this pair begin to bunch together on the daily and hourly. Even the bollinger bands are starting to look like they want to move with the wedge lines.
Stormin_Norman
Currency Trader
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im a USD bear. i think their currency could be up for a large scale tank if the bond bubble bursts.
Wysiwyg
Everyone wants money
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Whiskers
It's a small world
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Yes, I'm with the USD bears too.
I'm still leaning towards the diagonal impulse count, but have not dismissed the corrective ABC yet though. I seems to me that both scenerios are going north for some time yet.
I'll only be considering the 50's if 7547 is breached to invalidate the diagonal impulse count.
Hope to get a clearer picture as we get nearer... but if it peaks below 7547 both scenerios are still in play and it's time for closer evaluation.
But in the meantime I'm thinking 73ish should be a pretty safe bet.
PS: I'm still curious to see the minor wave count of the B wave (my 4) in the corrective scenerio. The corrective count charts I've seen show the B at the low (my minor 3). Damned if I can figure that.
I'm still leaning towards the diagonal impulse count, but have not dismissed the corrective ABC yet though. I seems to me that both scenerios are going north for some time yet.
I'll only be considering the 50's if 7547 is breached to invalidate the diagonal impulse count.
Hope to get a clearer picture as we get nearer... but if it peaks below 7547 both scenerios are still in play and it's time for closer evaluation.
But in the meantime I'm thinking 73ish should be a pretty safe bet.
PS: I'm still curious to see the minor wave count of the B wave (my 4) in the corrective scenerio. The corrective count charts I've seen show the B at the low (my minor 3). Damned if I can figure that.
Attachments
Whiskers
It's a small world
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My minor counts are close to a minor 'i' on the above chart... took profit at 6539.
My next lower count has 6582 as max for 'i' and been pretty range bound the last half hour or so while I've been trying to decide whether it's already there or is gonna have another little push up.
PS: Was thinking of going short the retracement and going long again around 65 or slightly under... but literally caught in two minds in the middle atm... but with it just starting to chop a bit and dancing pretty close to the tune of the AUD/JPY lately and I'm getting sell signals off that as well... humm... !
My next lower count has 6582 as max for 'i' and been pretty range bound the last half hour or so while I've been trying to decide whether it's already there or is gonna have another little push up.
PS: Was thinking of going short the retracement and going long again around 65 or slightly under... but literally caught in two minds in the middle atm... but with it just starting to chop a bit and dancing pretty close to the tune of the AUD/JPY lately and I'm getting sell signals off that as well... humm... !
Whiskers
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Whiskers
It's a small world
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Well... make that an ABC expanded Flat... but anyway, it breached 64.
Been out doing other things, just come in and looking to go long again... the Euro looks like probably bottomed for now, but the AUD seems to be dancing closer to the tune of JPY lately and I'm not sure it's bottomed yet.
Twiddle de, twiddle dum...
Been out doing other things, just come in and looking to go long again... the Euro looks like probably bottomed for now, but the AUD seems to be dancing closer to the tune of JPY lately and I'm not sure it's bottomed yet.
Twiddle de, twiddle dum...
Whiskers
It's a small world
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Here it goes... coming back for a third look at 6380.
The JPY still hasn't settled... might go a touch below 6380 yet, but not a lot of room to play with. If 6330 goes I'm back to the drawing board.
The JPY still hasn't settled... might go a touch below 6380 yet, but not a lot of room to play with. If 6330 goes I'm back to the drawing board.
Getting to a level where the AUD is becoming an attractive risk/reward play here. The Aussie is pinned against the RBA and at what stage the monetary easing cycle is currently at. The daily is trading in a large wedge where supply/demand is jostling for power; a decent move could be somewhat imminent. The Interbank market has already priced in a 25 basis cut and gunning for 50. If the RBA cuts 50 basis points on Tuesday I think more downside is to come. Probably .6250 as first stop, then .6075 if things deteriorate further. Hard to see it breaking below that wedge though.
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Will the Aussie tank be even greater though?
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What happens will largely depend on what happens to the DJIA.
As more and more money leaves equities more and more money will go to Government Bonds, pushing more money into USD.
Like Stormin said when the Treasury Bond Bursts, then we will see some real big moves I suspect.
Trend is down, no point trying to pick a bottom, follow the overall trend. Sell the rallies...
CanOz
Home runs feel good, but base hits pay bills!
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At least you can laugh at yourself mate! Well done.
Go to http://fxtrade.oanda.com/forex_trading/fxgame/fxgame_beta.shtml
This is Oanda's GX Game. Have play with this and then come back a week later.
See what the highest % profit you can make with the Game is in one week.
Theres heaps of info here on FX, drop by other threads for specific ideas or answers to questions.
Have fun mate.
CanOz
