AUDUSD Rebound?

This is a discussion on AUDUSD Rebound? within the Forex forums, part of the Markets category; I have talked about this currency pair since it hit the 0.9200 mark and I added to my long positions ...

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Old Jul 15, 2013, 10:13pm   #1
Joined Apr 2013
AUDUSD Rebound?

I have talked about this currency pair since it hit the 0.9200 mark and I added to my long positions at 0.9050. I think we will see a move higher and a breakout from its current chart pattern. We may saw a capitulation sell-off on Friday ahead of Chinese GDP data as traderís were preparing for the worst.

Chinese GDP came in at 7.5% and market the second consecutive quarterly slowdown. The Australian Dollar rallied on the news and I think we may see a push higher past the 0.9500 level. Thatís just my take on it.
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Old Jul 15, 2013, 11:59pm   #2
Joined Sep 2008
Re: AUDUSD Rebound?

Daily Chart with 200 day moving average. Notice the "up" day candle bodies are generally smaller range than the "down" days. Traders have been betting long for the past 1500 pip drop. The selling pressure is still on in this pair. IMHO, if you are taking a longer term view, down is still the way to go. Why try to call a bottom in front of that falling boulder ? I wouldn't consider becoming a longer term bull until .9330 (yellow line on chart) is clearly broken to the upside. If Friday's low is broken, lookout below.

Peter
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Old Jul 16, 2013, 1:08am   #3
 
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Re: AUDUSD Rebound?

Quote:
Originally Posted by Rambo35 View Post
I have talked about this currency pair since it hit the 0.9200 mark and I added to my long positions at 0.9050. I think we will see a move higher and a breakout from its current chart pattern. We may saw a capitulation sell-off on Friday ahead of Chinese GDP data as traderís were preparing for the worst.

Chinese GDP came in at 7.5% and market the second consecutive quarterly slowdown. The Australian Dollar rallied on the news and I think we may see a push higher past the 0.9500 level. Thatís just my take on it.
Hi Rambo,

Like Pete, I'm reluctant to fight the longterm downtrend, but you might be onto something. While retail positioning is still heavily long AUD/USD, crowds are not as long the pair as they were last Friday. Retail positioning can be a contrarian indicator, so the fact that crowds have reduced their long positions and increased their short positions could be signs of a possible rebound. Much will depend on the RBA minutes coming out in a couple of hours.

Good luck and good trading!

Jason
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Old Jul 16, 2013, 10:42pm   #4
Joined Apr 2013
Re: AUDUSD Rebound?

Rambo35 started this thread It worked our great for me, moved my stop loss so I am making at least 125 pips so I am not complaining here. Different traders have different views which is how markets are created. Thanks for your comments guys
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Thanks! The following members like this post: wackypete2 , Jason Rogers
Old Jul 16, 2013, 10:43pm   #5
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Re: AUDUSD Rebound?

Rambo35 started this thread
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Originally Posted by wackypete2 View Post
DIf Friday's low is broken, lookout below.

Peter
I agree with that.
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