Dynamic Trader Forex Blog FXCPS.co.uk: AUD 3, 2 or 1 ?

Good Evening / Morning Dynamic Traders

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

Cross = AUD in General

How are we all doing since the post on Monday, did we look at the 3 charts and decide on which was right for you ?

Which did you choose, AUD, AUDCHF or AUDJPY ?

Lets have a look, we will start with the AUD

Price has broken out, produced another higher high and we are clear of RN 0.8000. We have a nice upturning cushion of the VI below us at present and the trend lines have given us the squeeze of the price. Having broken resistance price could pull back to use resistance as support and then continue up. Stochastics is showing a false reading which would indicate further strength in the trend.

AUDCHF

Price has broken out, produced another higher high. We have a cushion of the VI below us at present which price has touched recently.and the trend lines have given us the squeeze of the price. There could be a concern with the RN 0.9000 which is showing hesitation in the price at present. Having broken resistance price could pull back to use resistance as support and then continue up. Stochastics is showing a false reading which would indicate further strength in the trend. Not as strong looking as the AUD.

AUDJPY

Price has not broken out, and has not produced another higher high as of yet. We have a cushion of the VI below us but a lot shallow than the previous two crosses and the trend lines have given us the squeeze of the price, awaiting nthe BOB. There could be a concern with the RN 0.8000 which is showing hesitation in the price at present and we have had a reversal candle followed by a red candle. This could be the start of a move downwards to the VI and support trend line. Stochastics is NOT showing a false reading and has started to turn down, which could support the reversal. Looks the weeker of the 3.

What was your views, do you agree with my comments or think different.

Only time will tell, lets review at the week end, remembering NFP on Friday.

Charts courtesy of Advanced Get. Data provided by eSignal.

Trade with Passion

John Maher
Forex Analyst