Ok Aussie Dollar, you can settle down now.Well we must applaud the Aussie for showing some real strength against an overral declining Australian rate of growth, Chinese slowdown + depressed levels of commodities. However I think the spike will soon run out of steam, potential reverse from here to 0.77 and then fall back to minimum of 7.56. Possibly lower.
It would be good to see some confirmation from the MACD before selling though.
Aud_usd
Forex Report and Trading Idea - AUD/USD Short 09/02/2016RECOMMENDATION: SELL
SUMMARY:
The primary trend of AUD/USD is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair. It is had an important resistance at the level of 0.7150 and support at the level of 0.7220. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
MACD is sustaining in its negative zone indicating the bearish trend in the pair.
RSI is sustaining near its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY:
AUD/USD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
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ICHIMOKU: AUD/USD Continuation of bearish trend On H1 we see that prices are breaking KS. LS crossed its KS as well suggesting bearish continuation. Prices still have next support @ 0.69722 (extension of M15 SSB) and 0.69684 (extension of M15 KS).
Then next supports are seen at 0.69452 and 0.69331 (LS supports).
On the upside we see a strong resistance at 0.70018 (extension of SSB).
Double top opens up short trade opportunityWith the employment data out tonight, entering a sell trade with the stop above 0.81 - 0.82, is a good risk/reward opportunity. The fundamental reality is that the US economy is growing leading to higher rates, while the Australian economy is slowing with the RBA trying to lower the exchange rate.
On the technical side we have a MACD crossover and a bounce off the top of the upper bollinger band