It is end of March. Sky above Melbourne Australia is kinda grey-ish. Rainy autumn days. Does it set up the mood to short some Aussie dollar? :o: .. Unintentionally, I have been trading AUD/USD for quite sometime. Maybe it is because, it is now my home currency, or maybe it is just because commodities currencies are in play for the past few months. Whatever it is, AUD/USD did give me some profit, that’s the point.
OK, for long term holding, I am still bullish about Aussie dollar. However, I am not adding/establishing new long position at the moment. Things are not looking good, in my definition, yet. I might do a couple of day trades (in the short side) in the coming days/weeks. Looking into shorter time frame (4-hr for example), we are indeed in a small downtrend since mid-march. Btw, my ‘proprietary’ momentum indicator (Long Black, named after my favorite coffee 😆 ) is not bullish, yet.
Here is the….. CHART!
And here is the ….. Trend Score