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[May 08, 2019] Position - AUD/USD

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Published: 08 May 2019 › Updated: 08 May 2019[May 08, 2019] Position - AUD/USD

[May 08, 2019] Position - AUD/USD

This post is to highlight a AUD/USD trade in progress. Price action obtained via GoMarkets.

Position

ItemDescription
PositionLong @ 0.7052(GoMarkets)
StatusFilled
TimelineT2
Confidence of the trade65%
Initial Target0.707 (16MA)

T1 - 0 - 2 Weeks | T2 - 2 weeks - 6 months | T3 - 6 months to 3 years

Technical Analysis


Price Obtained by GoMarkets

Trump's China tariff threat sent AUD/USD testing support again < 0.70, which turned out to be a good short term (T1) buying opportunity as RBA held rate when most expecting them to cut, ahead of election. AUD bounce today had a high of 0.7047 but soon the strength faded, for now.

With the 2 legs standing on support zone, will AUD/USD have the strength to bounce from it before breaking the inevitable downside, like Bitcoin breaking 6000 back in 2018 November?

Disclaimer

While we believe in collaboration and working towards a common goal as good thing, it has in the past affected the way we trade so to keep this as consistent and drama free, we will not be replying to comments most of the time to keep this approach as streamlined as possible. You'll certainly see us making comments and upvoting other amazing posts though!

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