AUD,NZD/FXWW News/Trade Ideas

AUD/USD: Added to longs in early trade

Of course the AUD always looks worst at the bottom and it looks so bad now, surely this must be a major low? AUD/NZD is on its knees, EUR/AUD is on its highs, but these moves are being driven by speculative market sentiment not by any major shift on the economic or political fronts.

I’ve been swing-trading my long position for a few days now and am quite comfortable increasing near .9150. I’m playing safe though, I will reduce the position sharply below .9110 as if we see those levels then we will probably get a re-test of 90 cents.

  1. Sean, gold isn’t looking good after recent spark. I think one of the main reason AUD tested 0.93 recently is because of the gold rising. Now it appears to be reversing so danger for AUD long.

  2. Everything is possible in forex 🙂

    I have no background in economics. Fundamental analysis does not matter very much to me. I am rather interested in technical setup, in particular price action. Tonight, AUDUSD move does not make sense. GBPAUD and ERUAUD are forming bearish engulfing patterns. I went short.

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