Call me crazy, as I’ve not really had much to say “forex wise” over the past few weeks but….we’ve finally got a couple trades shaping up!
I know, I know…its been a long and painful March for anyone not watching their money management like a hawk, as many currencies have done all but what you would have expected. But again….I fell the “shake out” has about run its course.
You’d have to be looking at GBP/AUD as bottoming out here at 1.79 / 1.80 along side all AUD pairs finally exhausting “whatever buying interest” there’s been over the past few weeks.
As “100% backwards” as it may have appeared with all the tough news coming out of China and potential war stirring in The Ukraine, the near term fundamentals in Australia pulled a “temporary trump card” with both AUD as well NZD continuing to push higher.
With some of our favorite candle formations now taking the stage ( hammers and shooting stars ) I’ve got trades setting up “for you” in several currency pairs. ( I’ve been in / adding to these the entire month )
- Long GBP/AUD “above” current price action ( say 50 pips ) and let price come to you.
- Short AUD/USD “under” current price action ( say 50 pips ) and let price come to you.
- Short AUD/JPY “under” current price action ( say even 80 pips ) and let price come to you.
Otherwise it looks to me that the US Dollar is “again” rolling over here, and as we’ve seen most often over the past few months…she falls “along side” risk so…..AUD down, NZD down as well USD down with JPY up, as well EUR and GBP up – as flat out wacky as that may appear to some of you.
Get it on your screen, watch the pairs into next week and see if this doesn’t set up for a trade with some legs.