17 January 2013

AUD/USD : Lost Interest

  • This had potential to be a real biggie just last week. Monthly triangle breakout, weekly and daily periscope rally pointing to much higher targets. All that's lost now.
  • Was long at 1.0588, then cut loss at 1.0550, but was still hoping that buy stop-in above at new highs would be triggered to get me long. Today's weak price action has probably taken us too far below to continue hoping for a real trending up leg.
  • 1.0550-1.0600 now looks like the upper levels of a big trading range. No trend, stay out. Boring.
  • Upside break not going to happen on this watch.
  • Addendum 18Jan12 1:30 pm : If this is at the upper end of its range, it might be worthwhile considering running a short position here against my core long USD/JPY and EUR/USD. We'll see. Perhaps near to 1.0600.

1 comment:

Taichiseal said...

Today's weak price action due to softer than expected jobs data.