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.
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.
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.
ReplyDeleteThanks TexEx. Good trading to you as well.
ReplyDeleteI 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
ReplyDeleteHi Dan,
ReplyDeleteI 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.
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
ReplyDelete