AUD/USD Trade Idea - 05.03.2015

[fxstrategist]

There is a good support on the AUDUSD around the 0.7700. In order to see a breakdown of this area, there has to be some new fundamental reason to make it drop further.

 

[Forexmospherian]

There is a good support on the AUDUSD around the 0.7700. In order to see a breakdown of this area, there has to be some new fundamental reason to make it drop further.

That could be 12 30 am UK time in the morning ie Tuesday 9th March

For me above 7715 I am still buying but ideally need to see above 7740 and 55 to take more

Under 7725 I am out my intraday buys ( in profit ) and then as you say will either 7700 or 7715 hold as interim supports etc - ot is it sells down to under 7685 and then below ?

GL

Regards

F
F

 

[DavidKl]

I wish I'd have stayed in that trade until now

 

[predator]

I think that the price will reach 0.7270 level

 

[DavidKl]

I think that the price will reach 0.7270 level
View attachment 204406

Are you aiming for the 50% fib retracement? I am looking at the daily chart on the AUD/USD and I'd be cautious about the 0.382 retracement level at 0.718 as there is a resistance created by the doji from the 22nd of November. Also let's remember that there is a strong downtrend in place.

 

[fxstrategist]

Good ideas to put into practice, very good info and useful.

 

[prok]

I think that the price will reach 0.7270 level
View attachment 204406

The current price is 0.7202 and it's bullish but I don't think it can reach 0.727 level.

 

[tomorton]

Great to keep a log of all trades. There's always something to learn about this game, ways to improve.

If you're not wishing to post up here your methodology for AUD/USD trades, maybe at least whatever lessions being learned from the trades taken (both winners and losers, also the non-trades, the trades signalled but not taken)?

 

[DavidKl]

I think that the bulls are running out of the steam they rallied up earlier but got rejected by the short term trend line. My strategy is to wait and see what happens at those level 50-61.8% and then get into a short trade with a target to retest the previous support at 0.7070 (nice round number)

 

[fxstrategist]

The AUDUSD is till trying to correct to he upside, but the bearish trend is still in place. The 0.7000 level could act as support and the 0.7100 could act as resistance.