Dynamic Trader Forex Blog FXCPS.co.uk: What's up AUD ?

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = AUD: Day Chart (Posted Below)

OK, those of you following this cross this week will more than likely have been triggered into this "Short" trade from the BOB on Wednesday and since then we have had a Doji (Not what we wanted to see) and a "Green" day yesterday. Our stop if placed correctly, should not have stopped us out as of yet, but it is not a nice feeling when you are carrying a 150 pip deficit. What next ?

On the day chart below you will see we broke through the bottom trading channel after a double top and price has now retraced, which may yet show support acting as resistance. We are currently fighting the major RN 0.8000, yet our MACD signal line is "Bearish" and we have "Divergence" on the recent 2 lows. This is repeated on the RSI and stochastic are giving a false signal in Advanced Get.

On the 60 min chart price has bounced from a recent CAT4 pivot high, with the VI still playing a major role.

If price retraces back into the trading channel it may continue it's upward trend and we will be stopped out this time for a loss.

Please ensure you do your own analysis before placing a trade.