Tagged "AUD/USD"

6-2-08

1:36a GMT – AUD/USD is approaching strong support at .9510-.9500. Concerns are an RSI that shows a strong downtrend and a possibly oversold RSI as well.

Trading Idea: Look for a bullish candlestick around .9510 support with long targets at 1.9530, 1.9560 and 1.9580. If support is broken look for further short targets at 1.9475 and 1.9430.

UPDATE: We had a good bullish candlestick with long wick at 02:00a GMT. First target was hit at .9560 for 35 pips.

UPDATE: Took profit around 50 pip on all lots. You can see an updated chart here: http://piphut.com/2008/06/technical-analysis-audusd-bounce-expected/

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)

5-27-08

23:05 GMT – AUD/USD is touching the 60M trend support line that has been tested several times over past weeks. Fundamentals regarding oil decreasing and stocks rallying give pause but I expect support will hold

Trading Idea: wait for bullish candlestick close to confirm the trade then look for .962 and .964 as targets.

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)

5-23-08

8:49a GMT – AUD/USD is approaching former support line around .9615 (green trendline on chart below) while at the same time approaching the top of its downtrending RSI line (blue line on RSI chart below). After breaking its bullish channel I expect the downtrend to continue in the short-term. Slow SS is also flipping on 60M.

Trading Idea: Wait for bearish candlestick to confirm entry and price reversal to enter. First target around .9550. Below that look fo5 .9500. If it breaks resistance look for .9650 and .9700.

Result: -40 pips

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)

5-22-08

18:53 GMT – Flagpole trade entry orders placed below current pair consolidation. Pair has nice flag consolidation pattern after 60 pip drop and is near large round # at .9550. Negatives include strong resistance at .95 and oversold hourlies (but dailies are overbought).

Sell – .9538
S – .958 (20 pips)
L1 – .9518 (20 pips, move second stop to BE)
L2 – .94750 (67 pips)

UPDATE – Trade parameters adjusted above.

UPDATE – 20:52 GMT – This trade has been put on hold until Tokyo market comes online to avoid a false breakout in thin markets. Entry price not yet hit.

UPDATE – Trade Cancelled on a break to the upside. Good no trade.

Result: 0 pips

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)

Free Forex Signals brought to you by PipHut.com

5-21-08

18:10 GMT – The RSI divergence in the AUD/USD pair has only gotten stronger as the hours have ticked away. I expect a sharp drop at some point here.

Trading Idea: Look for bearish candlestick entry near channel resistance level.

Result: +60 pips

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)

Free Forex Signals brought to you by PipHut.com

5-21-08

7:17a GMT – AUD/USD has entered into a rising channel on the 60M charts. We are looking for a buying opportunity at the bottom of the channel or a selling opportunity if the RSI divergence continues. There was a definite RSI divergence between 5/16 and 5/20 price action as the price made a higher high and the RSI made a lower high.

Trading Idea: Look for a drop to the channel bottom and a candlestick entry along with a drop to RSI channel bottom. If the pair rises to the channel top we will look for selling opportunities if the RSI divergence is still there.

Result: +70 pips

Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)

Free Forex Signals and Technical Analysis from PipHut.com

5:54a GMT – AUD/USD pair is consolidating beneath .9600 after a 70 pip flagpole rise 6 hours back. My inclination is that the pair will shoot through the 0.96 resistance after consolidation but because the entry would be just below a large round # and because of the overbought hourlies I am not placing a signal or entry order on this one. A rising RSI trendline does confirm the direction.

UPDATE – Pair did rise 30 pips, hitting as high as 0.9615 which is a 20-year high. since then pair has retreated back below .9600 but has been unable to break support at .9570. Our overall bias is still up.

Weekly Review: Good no trade. Pair rose 30 pips before falling back down to .9560. A standard flagpole trade would have called for an entry at .9596. The pairs high before dropping back was .96170 so a 20 pip stop would have barely squeaked by while a 25 pip stop would have been a loser (remember first lot is equal to risk or the stop). The ATR was around 18 with a 3 pip spread so a 20 pip stop would have been acceptable (especially given the caution of the large round number) but a 25 pip stop would have been more conservative.