Sunday 8 January 2012

Here We Go Again. AUD At Risk of Heading Down.

From my FX Dealer;
The AUD/USD closed the week well below the 23.6% Fibonacci extension taken from the August 1st and October 27th crests at 1.0365. Interim resistance stands at the 1.03-figure backed by the 1.0365 with the 200-day moving average holding just higher at 1.0413. The medium-term bias for the pair remains weighted to the downside with support targets held at the 100-day moving average just below the 1.02-handle. Subsequent floors are seen at the 38.2% extension at 1.0120 and parity.
Just for info. There are other reasons why indexes will go down this week. How much and how far, is to be seen.

5 comments:

  1. From TexEx, Thank you for the post. I am not inclined to Twitter, so this is my way of letting you know I read and appreciate your information. Good trading to you.

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  2. Thanks TexEx. Good trading to you as well.

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  3. I also very much enjoy the insights you share and your un-biased trading style. You often mention cycle analysis and I was wondering if you could do a post on that subject? Do you mostly do your own cycle analysis or subscribe/follow the work of someone like Charles Nenner? Thanks, Dan

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  4. Hi Dan,
    I have developed my own methods of cycle analysis over years. I have read Mr.Nenner in the past but I find him to be vague. It is difficult to trade based on his projections and I have lost money following him. May be it is good for long term investors.
    So for now I concentrate on finding tops and bottoms and trade accordingly. Again Cycle analysis is part of the whole package, not an end in itself.

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  5. AUD\USD has broken its trendline support and then retouched it again ...But stocks arent following the pair dpwnwards....while the pair has moved down considerably from its highs

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