A tad higher after the Reserve Bank of Australia decision to leave rates on hold at 1.50%
Not much of a reaction from the Aussie. Most of the move happened pre RBA in response to better retail figures .
It’s a case of here we are again looking at the chart. The 0.7630 area has become pivotal to any advance and needs to hold for any future price rise to gain momentum. This corresponds with 61.8% fib of the May low to September high. The Australian dollar has been one for the day-traders over the last few weeks. I’ve had a few successes scalping around the 0.7630 level, but nothing of any substance Price at the time of writing is 0.7648, so the fight is on, and suddenly looking all the more interesting…….. A reverse and yet another rejection should set up a good short trade opportunity .
AUDUSD-H4
Collects more scalps than Crazy Horse and newly crowned Bitcoin & Dow top calling master.
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
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I’ve taken a short at 0.7650 with a tight stop loss at 70
Aussie has to prove it means business to the upside from here 🙂
I’m a little sceptical as I hinted to in my posting ….There is a case for a slanting inverse (bullish) H&S pattern.. This was breached once and rejected ….. So again …not too impressive to me at this stage of the small rip higher .
My stop never came close to being challenged
Almost picked the top
The H4 200 bar MA has been tested a couple of times now in the last 5 hours. So H4 200 MA seems to be a reasonable resistance for the Aussie
Your MA is working well so far Johnners
🙂
‘Update ‘ ….
Still holding shorts