Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
Daily Technical Outlook
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="katetrades, post: 41538, member: 21862"] [b]Trade Setup of the Day: Long AUD/USD (March 5, 2013)[/b] The AUD/USD pair has been trading cautiously around the support zone from 1.0150 to 1.0200 for the past few days, as traders waited for the monetary policy decision from the Reserve Bank of Australia. During the actual statement today, the bank decided to keep rates on hold at 3.00%, as Governor Stevens maintained that the RBA’s recent easing efforts are just starting to take effect. From a technical standpoint, a hammer candlestick pattern has formed on the daily time frame right on the 1.0150 support level. This indicates that the recent selloff, which was mostly a result of pricing in rate cut expectations, is already over and about to reverse. Right after the rate statement, the pair jumped back above the 1.0200 level and appears ready to trade even higher. [IMG]http://www.tradersway.com/var/tw/storage/images/media/images/050313/14205-1-eng-US/050313.jpg[/IMG] A bullish divergence has also materialized on the daily chart as the price made lower lows, while stochastic made higher lows. Now that stochastic is moving out of the oversold area, Aussie bulls could push the pair right back up to the top of the long-term range around 1.0600. Going long at 1.0250 until 1.0600 with a stop below the 1.0150 level would be a 3.5-to-1 reward-to-risk ratio. [I]By Kate Curtis from Trader's Way[/I] [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…