The AUD is looking good for a short to medium term move higher. It looks to be tracing out a reversal head and shoulders pattern. I would expect a small retracement to form the right shoulder before the currency attempts to break through the neckline. The typical pattern target is shown and any move through the $0.80 region will also invalidate the impulsive count to the downside and place the currency in a neutral position. Waiting for either a breakout through the neckline or a retracement into the right shoulder to make an entry. I would certainly not expect a new trend higher but a larger corrective wave (B) to form which should take the form of three larger waves.
AUD
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CanOz
Home runs feel good, but base hits pay bills!
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Lil' Au$$ie Bleeder back DOWN to $US 65.1c ... and slipping...
Will the RBA "intervene" again?
How deep are their pockets now?
Will the RBA "intervene" again?
How deep are their pockets now?
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The mood is so bad now for mining economies the target looks like $US55c to $US60c. Foreigners seem to be reducing anything risky in Aus. If the RBA intervenes then they are fools, the speculators are on this one.
CanOz
Home runs feel good, but base hits pay bills!
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On alert for a trade here on the AUDUSD, short. Waiting for a close under the signal bar, a Tenkan Sen/Kijun Sen cross. If it triggers an entry i'll post the whole trade.
Cheers,
CanOz
Incidently there is a similar trade setup pending on the AUDJPY, lots of correlation with the two pairs, obviously.
Cheers,
CanOz
Incidently there is a similar trade setup pending on the AUDJPY, lots of correlation with the two pairs, obviously.
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CanOz
Home runs feel good, but base hits pay bills!
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Well with alot of patient waiting we finally got our close below the signal bar and got stopped in to the AUD a short late last night. Still in the trade and managing it with only the stop loss now. Keeping it pretty tight since the S&P has bottomed again. Will use the Ichimoku KS line as my stop for now, Blue.
Cheers,
CanOz
Cheers,
CanOz
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Well, I predict the RBA will crank up the ol' funny-money press again and bailout big-time today in response. They have set a precedent in recent days - a precedent that they now have to live up to - and by Jove, they will!
"Ahhhh! The smell of fresh BananaBucks in the morning!" :bananasmi
aj
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US$0.638 to A$1 and looking weak. Comments on interest rate cuts and oil tanking have set the trend.
IFocus
You are arguing with a Galah
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Nice work Can
CanOz
Home runs feel good, but base hits pay bills!
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BentRod
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Whiskers
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Looks like a little break up off an inverted H&S on the 15 min... if true, should see abt .648
Whiskers
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Wysiwyg
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.6493... that's a good boy.
Who caught it?
Nuff time to hit 70c again before 2nd Dec. RBA meeting you see Whisk.
This site has a forecast of 50 basis point cut.
http://www.global-view.com/forex-trading-tools/rates/auratesa.html
CanOz
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Got stopped out everything on the retest tonight. S&P 500 into a nice rally atm.
Could this be the new bottom?
CanOz
Could this be the new bottom?
CanOz
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Rocket up over 66c now. No doubt about it - the RBA must have been on the fiddle again. They have got the taste for a bit of a gamble now - hooked on the BananaBuck$ jig. :bananasmi :bananasmi
CanOz
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Then literally you are also implying that the RBA (who is hungrily buying up BananaBuck$) is taking more risk with our hard earned?
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