How’s it going, comdoll buddies? I’m sure you’re wondering how my AUD positions are holding up so I decided to come up with a quick update on my AUD/USD and AUD/CAD short forex trade ideas.
As I mentioned in my Twitter update, I decided to close my AUD/USD short prior to the RBA interest rate decision today and just set a sell stop order in case price suddenly pops lower after the announcement. It turned out to be a non-event though, as the central bank simply reiterated its previous outlook but decided to talk down the Aussie as usual.
I’m inclined to think that the risk-off market environment sparked by the conflict in Ukraine could keep AUD/USD on its downtrend so I decided to re-enter my trade at market around .8930. After all, my original entry area around .8950 is still holding as resistance and stochastic is reflecting downward momentum.
As for AUD/CAD… Well, I did mention in my trade post that I was a bit hesitant to add another AUD short and that I felt a tad uneasy about buying the Loonie. After all, Canadian economic data hasn’t been impressive and the BOC is set to make its interest rate statement later on this week. It’s still a nice technical setup though, and I could decide to hop in if the BOC sounds hawkish on Wednesday.
Got any other comdoll trade ideas that you think I should be checking out this week? I’m liking the NZD/USD range play that Big Pippin shared today. What do you think of that one?
Other Popular Articles: