Back
13 Jun 2014
AUD/USD: Short and medium term outlook is bullish - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, reviews the latest price action in AUD/USD, noting that the short and medium term outlook is bullish, especially on a daily close above 9460.
Key Quotes
"The pair has now reached the resistance zone we suspected it would, between 9425 and 9460, printing a daily high of 9436. Although I like the zone we are in, the impulsive leg leading up to this move was quite strong."
"Overall, the short and medium term outlook is bullish, especially if we get a daily close above 9460, but there may be an end of the trading week play here."
"I will wait for a move up towards the 9445/9460 highs before even entertaining the idea of a short. If the move up there is weak/corrective in nature, look to take a short, with tight stops above the yearly highs. Make sure to use 1/2 your normal risk, because this is a counter-trend trade, and by default a lower probability trade."
"The only reason I'm even considering this, is because tomorrow is Friday. With the bulls in control all week, I suspect they may want to take profit ahead of the weekend considering the geo-political risk out there, thus causing a fade opportunity before breaking the new highs."
Key Quotes
"The pair has now reached the resistance zone we suspected it would, between 9425 and 9460, printing a daily high of 9436. Although I like the zone we are in, the impulsive leg leading up to this move was quite strong."
"Overall, the short and medium term outlook is bullish, especially if we get a daily close above 9460, but there may be an end of the trading week play here."
"I will wait for a move up towards the 9445/9460 highs before even entertaining the idea of a short. If the move up there is weak/corrective in nature, look to take a short, with tight stops above the yearly highs. Make sure to use 1/2 your normal risk, because this is a counter-trend trade, and by default a lower probability trade."
"The only reason I'm even considering this, is because tomorrow is Friday. With the bulls in control all week, I suspect they may want to take profit ahead of the weekend considering the geo-political risk out there, thus causing a fade opportunity before breaking the new highs."