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Chart of interest: AUD/USD

by Gav Leave a Comment

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. ๐Ÿ™‚

Here is the………… CHART!

[photopress:audusddaily07dec2007.gif,full,alignleft]

Filed Under: Trading Journal Tagged With: FX, Trading Journal

Reader Interactions

Comments

  1. INOdotcom says

    at 8:11 pm

    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>

    Reply
    • Gav says

      at 9:19 pm

      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. ๐Ÿ™‚

      Cheers,
      Gav

      Reply
  2. INOdotcom says

    at 6:11 am

    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>

    Reply
    • Gav says

      at 7:19 am

      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. ๐Ÿ™‚

      Cheers,
      Gav

      Reply

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