Inside the Currency Market: AUD/USD

AUD/USD

Yesterday post, I mentioned 0.7397 most important point. That point held and price remains below today. I mentioned overbought 0.7381 — 0 0.7397 and sell area. AUD price dead stopped at 0.7385 and reversed. The low short sells saw 0.7347. I also mentioned 0.7324 target but don’t look for the last pip to 0.7324. I wasn’t confident we would see 0.7324 break. We didn’t. Its fine we focused on one trade and a one sided trade. Anyone can do that. We can do much better. Take yesterday for example. If 0.7324 doesn’t break yet we saw lows near the range bottom. How will price react? Price is going long. So take profits at yesterday;s lows from 0.7385 sell then automatically reverse. And use my reported points as the guide. Reported points function as either supports or resistance. Yesterday’s longs for example from 0.7347 had to surpass 0.7373, 0.7374 and onward. Those points would not break because they established the markets points. So long from 0.7347 would’ve added to the day’s profits. Overall some day’s pay big while other day’s we earn what the market bears. Most important is we don’t lose.

I will be with Brother Dale ” Friend of Forex” again Live Analysis Room Fxstreet.com 1st week August. And I will be well prepared for what may come. Those interviews are not pre arranged. Those guys walk in cold not knowing questions, areas or focus. And Brother Dale stepped up his game, his show by light years as well as his interview skills since he first began. He’s absolutely a Brother and can be respcted all.

Note vital points. 0.7346, 0.7347, 0.7348, 0.7354, 0.7362, 0.7371. Now current price 0.7371. Point 0.7371 is top range in points. This is dangerous. The downside is locked. Point 0.7346 must break to go short. The overall range is found 0.7396 – 0.7297. Point 0.7396 is one pip drop from yesterday’s vital 0.7397. Longs must break 0.7396 to target 0.7429. I wouldn’t marry longs or targets. Big range breaks above is found at 0.7468 and 0.7471. A break of 0.7396 then offers ranges from 0.7396 – 0.7468, a 72 pip rrange And from 0.7396 – 0.7297, range 99 pips. I still see the lower target from yesterday at 0.7324 but not today. I don’t like AUD today. Main reason is AUD may not perform and sit listless going nowhere as it also sits mid range. I’ll look at NZD next Then EUR later. Chances are good we probably see the same in those pairs as we see in AUD.

Brian Twomey Inside the Currency Market, btwomey.com

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