Long AUD/USD
Hello Everyone! I am still watching the EUR/CAD trade idea I posted earlier this week and until we see what happens there I thought I'd share another trade idea in AUD/USD.
The pair has been in a short term downtrend as the US Dollar has been rallying as interest rate cuts look less and less of a possibility.
On the commodities front, we do see metals rising. Gold is on the rise as the Greenback's recent rally looks to be losing some steam.
The only question that may hurt a long position is whether or not the RBA will hike rates again in 2007? This remains to be seen as they wait for CPI data in July.
Technically, the pair is approaching the 240 WMA's and the 61% Fib retracement area. Also, stochastics are showing that the pair maybe oversold at the moment. This is a nice setup with a good looking reward-to-risk ratio.
Here we go:
Long AUD/USD at .8300, stop at .8250, pt1 at .8400, pt2 at .8450
Remember to never risk more than 1% of your account on any single trade. Please adjust your position sizes accordingly!
Good luck my friends! :)
Related Posts:
- Long AUD/USD - Trade Closed 09:25 24 May 2007
- Long AUD/USD - Trade Closed 14:15 04 April 2007
- Short AUD/USD - Trade Closed 11:45 27 June 2007
- Long NZD/USD - Close Open Orders 11:45 23 July 2007
- NZD/USD - Trade Closed 09:33 03 March 2008
Archived Comments (3)
Forex Blog: Playing with ComDolls
Hi HappyPip! I've looked at AUD/USD and done my analysis. So this is my trading idea:
Sell @ 0.8331, stop at 0.8356, pt1 at 0.8306, pt2 at 0.8281
Who knows the pair will go down, rite? What do you think? ;)
Hey Flizzoe, its always nice to hear everyone's trade ideas :) Yours certainly goes with the short term down trend the pair is currently in right now, and if it suits your trading method and style then go for it!
Hi Pipcrawler! If the pair goes down, then my pending order will be executed :) However, if the pair closed above 0.8390, then I'll be looking for long trades ;)