- AUD/USD has formed a double top at 0.9405, neckline at 0.8576 (see both monthly and weekly charts). The technical objective for this is 0.7747. The recent sharp sell-off has taken this to a low of 0.8065, well short of objective.
- Accordingly, am viewing this current rally as a temporary pull-back only and looking for it to turn down again. Started selling this morning at 0.8526. Plan to scale into this (and others) slowly as we get towards 0.8576.
- Against a monster core USD/CAD short, am going to run a combo of short AUD, Copper and S&P. Immediate task ahead is to work into optimal entry levels.
- Learnt my lesson from a disastrous book construction of running long Gold against log CAD in the recent German short sell ban + Spanish banks funding + Korean war panic. Will keep the gold position independant of this Risk On/Risk Off play.
- AUD/CAD chart included here. Confirm its a sell rally chart.
2 comments:
EURUSD is a good sell but I am quite confused with AUDUSD. I do not know if AUDUSD is back to uptrend or this is a bear rally.
-0.8493
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