It’s just a few hours away before the announcement of key interest rates from Reserve Bank of Australia (RBA) for AUD. All technicals seem to be pointing a bear for the AUD.
AUD/ USD 4 Hour Chart
200 EMA/SMA is right at the bottom with a trendline which looks very vulnerable to break. MACD/ Stochastics is looking and waiting for the decisive moment to crossover as well.
AUD/ USD 1 Hour Chart
AUD/USD 30 Minutes Chart
200 EMA/SMA is on top, MACD is below, we’re looking at a perfect setup for entry with the MACD converging to the bottom. I’m always referring to 30 minutes chart for entry, 1 hour/ 4 hours chart for trend and indication.
I’m opening a position at 0.9539, with a stop loss position of -30 pips, I’m expecting AUDUSD to breach the trendline at 0.9507.
Here’re some supportive Fundamental Anaylsis from Others
- TradeTheNews’s Eben on A few thoughts on trading AUD/USD ahead of RBA rate decision at 0:30 EDT
- DailyFX’s John Riveria on Will A Hawkish RBA Lead To A Fresh AUDUSD Multi Decade High?
Shalom, and good luck.
Hi jude,
Life does keep moving doesn’t it. I never miss a day without checking your site. Good luck with your forex venture ( whatever it is). I’m evening thinking to become a member.
Anyway thanks for all that you do. Your integrity and professionalism shows through in all that you do. That is rare in this world right now.
Thanks for your opinion of AUD/USD. I’ve made a few bucks on it in the last few days.
For traders, view videos by expert advisors about forex trading at http://www.forexfreedownload.com