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Chart of interest: AUD/USD

by Gav

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!

Comments

Historical comments are preserved here. New comments are closed.

  1. INOdotcom
    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>
    1. Gav
      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
  2. INOdotcom
    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>
    1. Gav
      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

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