AUD,NZD/Trade Ideas

AUD/USD: Play downward channel 1.0280/1.0460

My view all week has been that the market will get continually more bearish as this week progresses due to the RBA meeting next Tuesday (Monday is a holiday here in Australia). The market expects that the RBA will cut rates by 50bps this year but is split 50:50 on when these cuts begin, October or November.

The short-term charts are showing a nice bearish channel which I think will contain prices for the next few sessions. I am still short but will greatly reduce positioning as we near the bottom of this range, which currently is near 1.0280.

  1. I think you both are correct, but I’m going to stay live with this one and try to follow it down further, ready to take profit if it looks like this downturn is going to take a break, a number of things are telling me that it is going to fall further than 1.0340, but these things aren’t conclusive, so I’m just going to watch every second of price action tonight, lol! Should be tons of fun 🙂

  2. Hope you’re right Zach but it feels that everytime we expect some big moves, nothing happens. I’ll give it until Tokyo lunch; if ntg happens before then, I’m off and will wait for Europe to shift it

  3. Sounds like a good plan. I just sent you an email with some charts, hopefully I wasn’t too vague in trying to briefly explain them. What time does Tokyo consider lunch, in Tokyo time? I know it’s 9:56 am there now. 11, 12?

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