In my previous publication I had signaled a good spot to go long AUDUSD, based on the support level that was tested, after breaking out of a linear regression channel, and landing on a VIX generated support zone. Commercial traders have been a reliable source of information so far, and you can read my analysis on the subject in the previous post. I have part of my position still running, and I'm looking to take short term trades on the way up.
For now, AUDUSD has broken above all resistance levels, except for the top of the Brexit range. Ideally, we need tomorrow's bar to stay above this level on close, confirming the breakout of the range, and then proceeding to rally above the next level, the top of the first rate cut date's range, which triggered a massive decline in the Aussie back in May.
I'll add the short term view in the comments below.
Good luck,
Ivan Labrie.
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If not in you can buy AUDUSD at market price, stop at 0.76253. (risk 0.5-1%)
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I closed 75% of AUDUSD and moved stops up to 0.7664 on the rest.
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Last: 0.7682
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The rate cut resistance level keeps sending price down. it will take a bit longer to break it, for now. I'm long with a wide stop, if we break it forming a daily LOW above, I'll move stops higher and add. For now, we could go back down too.
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The long term position is still valid, we can enter here if not in, or increase it, risk is 210 pips down for long term traders. Last: 0.7607
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Added my final position for now and moved stop up to 0.7518
Filled at 0.7591, avg entr: 0,76114
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Excellent progress, moved all stops to 0.76102
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We have what it takes to rally from here once again, with copper and iron ore soaring, clearly very accumulated pair.
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Still holding at support, simply buy dips, it'll get going eventually.