Top trade idea for August 4th, 2016 – AUDUSD

Top trade idea for August 4th, 2016 – AUDUSD

By Mircea Vasiu on Aug 4, 2016 07:42:06 GMT

  • Tweet
  • Email
  • Tweet
  • Email

The ugly chart above is the audusd pair that is looking as bearish as bearish can be despite the heavy buying on each and every dip. Not even the RBA (Reserve Bank of Australia) rate cut wasn’t able to bring this beast down, despite the fact that only 70% chances were priced in. It doesn’t make it bullish though!

The pattern is a corrective one, even if it is labeled with numbers, and by the time it is completed it should result in a full retracement all the way until the middle 0.71 range. I know it sounds like a big distance to be travelled, but it is the way it is and bulls are warned.

Even if NFP (Non-Farm Payrolls) on Friday are going to disappoint, at these levels, namely above 0.76, we don’t want to look but to the downside.

Therefore, staying short for 0.72 with 0.78 stop loss is the way to go.

About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

Recent posts by Mircea Vasiu

  • Top trade idea for November 17th, 2016 – EURAUD
  • Top trade idea for November 10th, 2016 – GBPCHF
  • Top trade idea for November 3rd, 2016 – USDCAD

MORE LIVE RATES
Economic Calendar ForexNews.com News, Charts, Research & Video

Copyright © ForexNews.com | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.


*