AUD support levels continue to break

This trend is showing no signs of easing up; AUD/JPY trendline support has broken, important daily EUR/AUD resistance at 1.3190 has broken, and solid bids at .9750 have been filled in the AUD/USD. What’s even more worrying for the bulls is the lack to any sort of bounce!

If EUR/AUD finishes this week above 1.3200 then I will be adding to my long position and going for a semi-retirement trade 🙂

  1. Hi Sean, I now get a scenario for your EURAUD 1.50: EURUSD=1.20 and AUDUSD=0.80… How’s that? 🙂 I think it’s possible if China really breaks down in a few years’ time…

  2. That would work Jasper, but I do know that these moves never ever work out just as I had anticipated. I think we just gotta wait until the guys who were bullish AUD at 105 turn bearish, then thats the bottom 🙂

  3. I wouldn’t recommend it Pete, we only got about 20 pips below the trendline so it’s not really a committed break? Maybe if an hourly top forms near 100 you can then sell with tight trailing stop but it is Friday which would mean holding over w/e

  4. Hi Sean what level is recommended to sell aud today for a 50 pip move. Thks. I have been trying to get in an aussie short for weeks.

  5. Hi Yass, bit risky chasing it lower now especially if you missed it earlier plus its Friday! But if 9800 is tested and holds, you can probably try selling with a tight stop

  6. Thks Sean i will wait then. Are you still thinking Aussie will reach 1.02 to short or has the levels been adjusted to .99 Something to hold targeting .96.
    This has been such a strong downtrend.

  7. I think we just got to wait and see Yass, The downtrend is incredibly strong but we’ve seen this so many times before and remember that the clever pro traders have been short AUD for 6-7% now so they will soon be looking for profit taking opps. By all means still look to sell rallies but keep stops tight and live to fight another day as it could see 102 like you say. Anything is easily possible

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