Hat tip to Jamie Seattete, currency trader.
The AUDUSD has exceeded the trendline that extends off of the July and October highs and has reached the 100% extension of the rally from 9861 (2 equal legs). An extension of strength targets channel resistance at about 10650 on Tuesday. 10490 is short term support. While the rally looks tired at these levels (extremely low volatility for example), the upside demands respect above 10458.
got some powder left to throw at some PUTS tomorrow. Just have to figure which ones.
ReplyDeletePatience will be rewarded my friend.
ReplyDeleteI have been short since IWm 78 from last week and it is indeed frustrating to see the inevitable correction getting delayed.
ReplyDeleteWhat sort of pullback are you expecting here? I am thinking a pullback of 3-3.5% will bring back buyers...
A 50 to 75 point pull back in SPX is reasonable.
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