Top trade idea for January 7th, 2016 – AUDUSD
By Mircea Vasiu on Jan 7, 2016 11:53:00 GMT
AUDUSD pair here it is being sold aggressively together with the whole commodity sector to start the year and our take is that the pair is going to make a new low.
This is the reason for wanting to go long from that 0.6900 area with 0.6700 stop loss and 0.7320 take profit as the triple zigzag that is channeling really well should be followed by a so called flat with a strong b wave, namely a strong b wave that retraces more than 100% when compared with the previous wave a.
Yesterday’s FOMC minutes failed to move the trend in commodity currencies as both AUD and CAD continued in the same direction as nothing really happened.
Everyone knows by now that China is not growing at the desired pace and this affects demand for commodities, but now it is time to see how currencies are reacting.
I would not feel comfortable being short below 0.6900 and therefore buying a dip there is the logical thing to do.
Ladies and gentlemen, place the pending please.
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.
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