AUD,NZD/FXWW News/Technical Analysis/Trade Ideas

AUD/USD: Favour playing from long side today

  • The professional speculative market is quite short of AUD already as a proxy for the ‘China credit bubble’ trade;
  • The daily chart is trying to form a springboard with rising daily lows (see chart);
  • If this base holds again, we could easily see a bounce back up above .9050 as shorts get jittery;
  • Keep stops below .8860 if tempted by this contrarian trade.
  1. Hello Sean, NZD strength amazes me in this carnage. Whats interesting is AUD/NZD at 106.4 levels which is the support zone from 2002 and the RSI were exactly at the same levels before AUD/NZD turned around 900 pips at that time. This makes prospective strength of NZD from here less likely but this is forex!! Lets see if this technical holds water!!

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