AUD/USD: Taking a small long position at .9600

I think the AUD/USD is oversold and the same people who were bullish at 1.05 are selling at .96.

I’ve taken a small long position at .9600; AUD/JPY support at .9550 should be solid but the fact that EUR/AUD resistance has broken means that I will only take a small position.

Interesting to note that the AUD seems to be getting sold off on a Goldman Sachs report that the RBA will cut twice more this year. Firstly, ignore everything these guys say. Secondly, they were a reported big buyer earlier today. Go figure!

  1. being on right side of eur/aud will reward handsomly. that thing just goes and goes and goes in one direction ive noticed. you are a brave man lol…

  2. Hi Sean,

    The USD is looking under pressure and, if this continues, this might help the A/U LONG.

    Also, there is a triangle on Gold 4hr too. Any bullish breakout here might help the Aussie as well.

    The concern though, as noted by Peter, is the bullish EUR/AUD. Also, I’ve noted the bullish look to the GBP/AUD….a chart if dredged up again.

    Charts here to see what I mean.

    I’m heading to the US in a few weeks so very keen to see it hold up for as long as possible!

  3. Hi Sean,

    I think we need to fill the gap up from beginning of the week esp after the sell from late Friday New York Session before the retrace back up to 0.98.

    As for GS a friend of mind refers to the them as Le Squid 😐

  4. Hi Kamran, what I meant was that the mkt often gets bullish at range highs and bearish at range lows. We’ve fallen 10 big figs from 106 and the selling seems top be coming from those who were bullish at higher levels. I take it all with big pinch of salt

  5. I’ll do my best to talk it up for you Mary 🙂 Yes agree on conflicting signals, Gold looks like it’s about to try and hurt the bears again which shud be AUD positive but as yu say, EUR and GBP still look well bid against the little Aussie bleeder

  6. It’s been nearly 2 months since i argued for a rise in EURAUD rate…over 1000 pips rise. Obviously i only took a small portion of that ( i get stupid that way sometimes) but now looking at the market again can’t help BUT be long AUD. And by God i will ride this one back to parity 😀 ( hope so). Never listen what ” the big ones” are saying…as Sean pointed out , the track record always speaks for itself. Use common sense risk management and the market takes care of the rest.

  7. Hi Sean,
    I think AUDUSD targetting 0.9280-90 because ALL retail trader long since 1.03 and because of positive swap retail traders will dont give up easily. Large retail sell limit order have at level 0.9280-90 maybe stoploss. I will be long at this level or if this not happen i will closely watch audusd after euraud hit 1.3840-50 (i think this will be top for euraud)

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