Welcome to my blog! I am HappyPip, lady trader of the Commodity Dollars or "ComDolls!" We will look at price action of the Australian Dollar, New Zealand Dollar, and the Canadian Dollar, as well as their respective economies, and how commodities prices may affect their long term movements. Put on a "happy face" and come join me, won't ya! :)
Short AUD/USD - Trade Closed
Trade Closed: 2007-09-13 09:20
Our trade closed yesterday as the Dollar selloff continued and the Aussie rallied on a stronger demand for gold as a safe haven.
This stopped out our trade at .8370 for a -80 pips loss.
We are potentially seeing a longer term return to Dollar weakness as the pair may be changing trends as it breaks through the 240 MA's. Stay tuned as I look enter long this pair on a deeper retracement and if US data continues to show weakness.
Trade Idea: 2007-09-11 09:20
Good morning! Today, we have a nice chart setup on AUD/USD and we may potentially see the pair resume a decline.
On the chart, we can see the 240 MA's trending lower, and now price action is back within average prices over the past month. Also, we can see that AUD/USD has touched .8300 before and failing to make a move higher. Stochastics are almost in overbought territory, so we will wait for the pair to trade a little bit higher before taking our short position.
One more thing to note is if you take a look at the daily chart, the pair is trading at the 61% Fibonacci level, a significant resistance level, on the swing move from about .8668 to about .7668, and stochastics are already in overbought levels and turning lower.
So, a lot of arguments for a reversal and without any major data this week, we may see the Dollar rally as the Dollar sell off may be overdone.
Short AUD/USD at .8290, stop at .8370, pt1 at .8200, pt2 .8150
Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.
Good luck my friends!
