Close Open Orders: 2008-09-04 11:02
It looks like we couldn't catch the move lower today as sellers topped off the Aussie rally just below my entry level during the morning European trading session. It's been an interesting mix of data this morning with Trichet's comments the biggest sentiment driver in currencies, moving the Euro lower and pushing the Dollar higher against many of the majors.
With AUD/USD currently trading around .8320, I have decided to close my open orders. No trade.
Trade Idea: 2008-09-03 23:17
Greetings Forex buddies! I may have dipped out of the last short trade a bit early, but it looks like the markets is giving me another opportunity to short the Aussie in this down trend. Will the move lower continue?
Technically, we have a retracement in AUD/USD and with the use of the Fibonacci tool, we can see the 38% retracement level lining up just above .8400. The combination of the technical tool and the round number could be the next level of resistance. That area has also been the high for the past couple of trading days, so a return to .8400 could bring in sellers once again.
Fundamentally, it's been all about a global slowdown (which may be now reaching the rest of the world beyond the US, the fall of commodity prices, and a most recent cut in rates for Australia. The focus may shift as we approach the end of the week where we will see possible changes in other central bank rhetoric and the US jobs data. The rest of the week could bring volatility, which may bring a potentially nice, short-term trade.
I look to short at for a quick trade to close out the week. I will:
Short AUD/USD at .8400, stop at .8450, pt1 at .8350, pt2 at .8300
Remember to never risk more than 1% of a trading account on any single trade. Adjust position sizes accordingly.
Stay tuned to see if my trade hits!
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