AUD,NZD/Technical Analysis

AUD/USD technicals: Bearish channel suggests a top near 1.0430

This descending channel on the 2-hour chart has been pretty accurate recently and if it holds I will certainly be increasing my short position again.

  1. Sean,

    cleared two longs bought @1.0359 and 1.0375 @1.0425. holding 2 longs and shorts now. shorts are deep underwater. have bought them @1.0360. suggest me what to do

  2. Sorry Nachiket, not 100% sure what you mean? You’re still running a short pos from 10360? If so, I’d cover initially on dips to 10370 and take small loss; if it breaks above 10440 then prob have to cover

  3. Yes sean. you are right. two shorts one @1.0352 and @1.0355. both of them are underwater. bought one more @1.0409 just to hedge my longs @1.0410 and @1.0420

  4. AUD/USD opened this mrng 10365 so had already moved 60 pips which is decent intraday move. That’s not the time to be buying imho. If bullish, wait for dips then buy or if bearish, sell into moves higher. That’s how to get into rhythm with mkt imho

  5. Yes. my mistake. but technically after clearing it was bullish. it is still not giving up its bullish bias. in any case i have hedged now so no worries

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