Long AUD/USD – Trade Closed

Trade Close: 2007-04-04 14:15

comdollsff.gif

Hello everyone! Looks like it has been a wild ride for our AUD/USD position as we saw the RBA keep rates at 6.25% last night. This sent AUD/USD down to trigger our long orders at .8100. Unfortunately, the sell off on the news triggered a stop out on half of our position, but luckily the other half rode out the volatility and hit our first profit target at .8150. Yay!

1st half: -20 pips
2nd half: +50 pips
Total: +30 pips

Trade Idea: 2007-04-02 19:35

comdollsff.gif

Hello, Hello everyone! Let’s get April started on a good note! Today we’re going to take a look at the Aussie Dollar and see if we can jump in on this awesome uptrend! Fundamentally, we continue to see a bullish sentiment on this pair with speculation of a rate hike tomorrow from the RBA. Also, because of the strong correlation to gold we should see this pair continue to rise as traders buy up gold as a safe haven in the current state of geopolitical risk. Continued rises in gold and oil prices should continue to put pressure on USD.

Technically, stochastics are showing we may be seeing the pair overbought at the moment. Using the Fibonacci tool we’ve pin pointed a nice little area where we may see buyers around the 61.8% level at 0.8105, if we see a retracement. I think we will see profit taking

Long AUD/USD at .8105, stop1 (close half position) at 0.8080, stop2 at .8060, pt1 at .8150, pt2 at .8200

Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

  • Exchange Rate AUD USD

    The Australian dollar is anticipated to continue strengthening against the Greenback today as investors increase hike expectations for Reserve Bank of Australia’s Cash Rate.

  • mdetlh

    Don’t be surprised at a buy the rumor and sell the news in this case and a rebound like your trade is set up for. This is tough to call cause this pair is close to historic highs, though there are continued reasons for continued bearishness on the USD.

  • mdetlh

    Don’t be surprised at a buy the rumor and sell the news in this case and a rebound like your trade is set up for. This is tough to call cause this pair is close to historic highs, though there are continued reasons for continued bearishness on the USD.

  • pipjake

    Comdoll !! Been waiting impatiently for a trade call from u. This was a good one. I got in late – around 0.8075 but that worked better. I’ve closed my position as it looks like tensions in the middle east seem to be heading towards a resolution which would ease the pressure on the dollar. Do u think AUDUSD would still reach 0.8050 in the short term ?

    jake

  • pipjake

    My bad..i meant 8080

  • pipjake

    Comdoll !! Been waiting impatiently for a trade call from u. This was a good one. I got in late – around 0.8075 but that worked better. I’ve closed my position as it looks like tensions in the middle east seem to be heading towards a resolution which would ease the pressure on the dollar. Do u think AUDUSD would still reach 0.8050 in the short term ?

    jake

  • pipjake

    My bad..i meant 8080