Comments on: AUD support levels continue to break

By: Sean Lee

Sean Lee — Fri, 17 May 2013 06:15:13 +0000

I think we just got to wait and see Yass, The downtrend is incredibly strong but we’ve seen this so many times before and remember that the clever pro traders have been short AUD for 6-7% now so they will soon be looking for profit taking opps. By all means still look to sell rallies but keep stops tight and live to fight another day as it could see 102 like you say. Anything is easily possible

By: Yass

Yass — Fri, 17 May 2013 05:56:09 +0000

Thks Sean i will wait then. Are you still thinking Aussie will reach 1.02 to short or has the levels been adjusted to .99 Something to hold targeting .96.
This has been such a strong downtrend.

By: Sean Lee

Sean Lee — Fri, 17 May 2013 05:50:42 +0000

Hi Yass, bit risky chasing it lower now especially if you missed it earlier plus its Friday! But if 9800 is tested and holds, you can probably try selling with a tight stop

By: Pete

Pete — Fri, 17 May 2013 05:48:13 +0000

Thanks Sean. I would rather control my temptation and stay away 🙂

By: Yass

Yass — Fri, 17 May 2013 05:34:00 +0000

Hi Sean what level is recommended to sell aud today for a 50 pip move. Thks. I have been trying to get in an aussie short for weeks.

By: Sean Lee

Sean Lee — Fri, 17 May 2013 05:25:56 +0000

I wouldn’t recommend it Pete, we only got about 20 pips below the trendline so it’s not really a committed break? Maybe if an hourly top forms near 100 you can then sell with tight trailing stop but it is Friday which would mean holding over w/e

By: Pete

Pete — Fri, 17 May 2013 05:14:09 +0000

Hi Sean, do you see any value in shorting Aud/ JPY near 100? I am tempting to do it but not yet sure….regards, Pete.

By: Sean Lee

Sean Lee — Fri, 17 May 2013 05:07:13 +0000

That would work Jasper, but I do know that these moves never ever work out just as I had anticipated. I think we just gotta wait until the guys who were bullish AUD at 105 turn bearish, then thats the bottom 🙂

By: JasperD

JasperD — Fri, 17 May 2013 04:50:26 +0000

Hi Sean, I now get a scenario for your EURAUD 1.50: EURUSD=1.20 and AUDUSD=0.80… How’s that? 🙂 I think it’s possible if China really breaks down in a few years’ time…