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AUD/USD and GBP/USD

Discussion in 'General Forex Talk' started by RahmanSL, May 1, 2011.

  1. RahmanSL

    RahmanSL Major

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    Anybody can offer some insights into possible directions of AUD/USD and GBP/USD for coming week??

    The AUD/USD has hit all time high of 1.09774 last Friday, retraced down to 1.09584, made another attempt back up hitting 1.09727, retrace somewhat and then, just before market closing, seems poised for another upthrust.

    GBP/USD seems to match 2009 charts and is looking to retrace back down just before market closing.

    I am quite confuse as I thought the USD isn't supposed to be that 'hot".

    Any sort of explanations on the above currencies would be highly appreciated as I am now preparing my trading strategies for coming week.
     
  2. dkami

    dkami Sergeant

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    On the AUDUSD this is what I'm looking @ for the high i put it into a weekly chart so you can see a little easier no one knows where the top will be but i wont be attempting a short on this pair until this price is hit
    i put this ABC tool on the daily after AUDUSD started making new highs never thought it would come to look to hit this target but now as you can see in the chart its looking very good to hit this target (i took this screen shot before friday move but you will see the closing price on your charts)

    I don't trade the GU much i like to stick to the AUD pairs so don't know about this pair
     

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  3. dkami

    dkami Sergeant

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    O i forgot to add on the C leg you will see the gap that was not closed this to me will be a strong support but we will see i guess
     
  4. RahmanSL

    RahmanSL Major

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    dkami thank you very much for your input and chart on the AUD/USD which is most helpful.

    Yes, that's very true that no one knows where the top will be.
    I think I will take some positions on the dip and hold for at least until end Friday or preset TP for 1.1 level and leave them to be triggered.

    Well, market opens in another 7 hours or so.

    Thank you again and all the best in your trading.
     
  5. dkami

    dkami Sergeant

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    No worries
    I just took a look @ the NFP numbers from this i don't think there will be much USD strength this week
    I also think the RBA will have no choice but to up the cash rate i do not expect this this mth but maybe first one the mth after they will start to hike again 2 by the end of the yr or .75% I'm thinking but this is only a guess

    Yep 7hrs to go before open would like to see a gap lower but i dont like my chances i may have to short the gap and buy around the 1.0925 area for a daily trade but i must be carfull i have this pair in way over brought with the TSI on the daily chart
     
    #5 dkami, May 1, 2011
    Last edited: May 1, 2011
  6. dkami

    dkami Sergeant

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    RahmanSL chart you may be interested in its a trade i will be looking for LONG this week lighter blue and for this mth darker blue I wait for TL break in the blue areas on smaller time frames H1-M15
    Out by friday for the weekly trade
    Please anyone looking at this post do so @ own risk no one knows what the market will do except maybe the Banksters on Fraud st
     

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  7. dkami

    dkami Sergeant

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    only long on the GU well that's what i see weekly and monthly trade i wait for TL break for confirmation looks like a shooting star on the daily thursday:eek:oh:
     

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  8. RahmanSL

    RahmanSL Major

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    dkami, so sorry I couldn't get back here.

    Yes, the AUD/USD hit highest level 1.10051 on 2/May/2011...and retreated down to 0.06000 area quite quickly.
    Did you get in on the right side of that trade?

    Well, now I am wondering where it's going to go next, and also when.
    Any news or rumors that you know of which might potentially makes that currencies pair to go in one direction?

    Cheers!
     
  9. dkami

    dkami Sergeant

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    Hi Rahman price broke through weekly trade buy area lighter blue so i couldnt take this and waited for the mthly trade area i took a small lot buy on my resistance @ 1.0603 after the H1 candle closed above it (there was a trend line break candle before but it closed under my resistance so i wanted to see my resistance @1.0603 broken first before taking the trade) but got out @ my next resistance area @ 1.0644 due to NFP coming out and because i had a buy on the AUDJPY
    I do not have a buy or a sell area on the AUDUSD this week as H4 i have in down trend and the daily is still in up trend so its conflicting so i can only buy in the mthly range area again
    There is still talk of cash rate hike next mth or mth after so i am still bullish but like i said i will only look to buy in mthly trade area and i still have it in way overbrought using TSI on daily so i will have to be carfull

    GBPUSD same no weekly trade for me this week coming(conflicting) but for mthly trade my support @ 1.6167 looks to me as a good buy area as it will have small SL and potential for nice profit if get bounce of my support but i very rarely trade this pair
     

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    #9 dkami, May 7, 2011
    Last edited: May 7, 2011
  10. RahmanSL

    RahmanSL Major

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    You are very correct in conflicting signals shown on different time charts.

    Best strategy on Monday is to watch market movements to see (and to make sense) of market sentiments.

    I think I might even wait for Wed AUD Employment result before touching the AUD.

    Cheers & all the best!
     

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