AUD,NZD/Flows and Orders/FXWW News/Technical Analysis/Trade Ideas

AUD/USD: Bouncing off .9220, look for stops above .9265

This is pure guesswork on my part, but most traders think the same way and if I had been selling AUD/USD intraday then I’d probably have my trailing stops above .9265 (see chart).

We moved 60 pips lower off opening levels at .9280 and if we moved 60 pips above there, that would see us near .9340 and that’s exactly where I’m hoping to off-load my intraday purchases. Wishful thinking perhaps, but I think we are in a sideways range consolidation so its not an unreasonable ask.

 

  1. Regarding the channel, there were some suggestions it’s forming a bear flag. It can also be interpreted as a rising wedge, and when it broke it at 0.9270 I took a short hedge. It also broke the channel bottom this morning but now it’s back within the channel. So try to make sense of this. LOL

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