I am not trading today. It is NFP day, by the way. I decided to have a quick look at Aussie dollar pair. Though it holds pretty well at 100 day moving average, bullish momentum does not seem to be building up just yet. To my opinion , it is going to be chopping around at the moment, if not breaking down. I am still being patient to wait for my long entry to appear. 🙂
Here is the………… CHART!
[photopress:audusddaily07dec2007.gif,full,alignleft]
You said it may have a break down, and looking at it today (12-14-07), looks like it has begun its decent.
Weak Downtrend
Australian Dollar/US Dollar (FOREX:AUDUSD)
Smart Scan Chart Analysis shows that negative longer term is strengthening. The market action could signal the start of a major trend change Weak Downtrend Very tight money management stops.
Based on a pre-defined weighted trend formula for chart analysis, AUDUSD scored -70 on a scale from -100 (strong downtrend) to +100 (strong uptrend):
-10 Last Hour Close Below 5 hour Moving Average
-15 New 3 Day Low on Friday
-20 Last Price Below 20 Day Moving Average
-25 New 3 Week Low, Week Ending December 15th
+30 New 3 Month High in November
-70 Total Score
You have a very loyal readership and your blog is great!
Have a happy holiday,
Lindsay at the TradersBlog>/a>
Hi Lindsay,
Yup, I agree that AUD/USD is looking weak. And Friday’s action suggested it might break down from the recent trading range.
I choose ‘wait-and-see’ approach for Aussie dollar pair at the moment.
btw, interesting weighted trend formula, looks good. 🙂
Cheers,
Gav
You said it may have a break down, and looking at it today (12-14-07), looks like it has begun its decent.
Weak Downtrend
Australian Dollar/US Dollar (FOREX:AUDUSD)
Smart Scan Chart Analysis shows that negative longer term is strengthening. The market action could signal the start of a major trend change Weak Downtrend Very tight money management stops.
Based on a pre-defined weighted trend formula for chart analysis, AUDUSD scored -70 on a scale from -100 (strong downtrend) to +100 (strong uptrend):
-10 Last Hour Close Below 5 hour Moving Average
-15 New 3 Day Low on Friday
-20 Last Price Below 20 Day Moving Average
-25 New 3 Week Low, Week Ending December 15th
+30 New 3 Month High in November
-70 Total Score
You have a very loyal readership and your blog is great!
Have a happy holiday,
Lindsay at the TradersBlog>/a>
Hi Lindsay,
Yup, I agree that AUD/USD is looking weak. And Friday’s action suggested it might break down from the recent trading range.
I choose ‘wait-and-see’ approach for Aussie dollar pair at the moment.
btw, interesting weighted trend formula, looks good. 🙂
Cheers,
Gav