In intraday trading today, the AUD / USD moved lower after failing to decisively break through the 0.7760 level shown in the chart below for the spot pair. Currency pair appears to be heading towards a measurable SMA [50-period], which could offer support as since the beginning of April. Bearish momentum appears to be taking hold as the USD strengthens against the basket of currencies it is measuring against. The MACD appears to be on track to break below its center line and clearly indicates a bearish signal. Although the AUD did better today than the NZD, it still seems to be heading lower. We present the idea of trading in a workable chart below and a chart of the spot pair to allow forex traders to evaluate and trade. Always use stops as we have shown in the trading idea below. This allows short-term market participants to stay in the markets rather than “expecting” prices to recover from their initial entries or trading decisions.
We are currently active in this business as follows:
- Initial entry 0.77530 [Took profits on this entry at 0.773000
- Re-entry short at 0.7746 [Trade remains open targeting below previous profit taking levels]
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We analyze price movements while taking into account the underlying fundamentals and present a set of tradable levels twice a day without confusing the verbiage that would otherwise derail the attention of short term traders. Our goals have always been to trade what we offer ourselves while encouraging our subscribers and subscribers to be patient and wait for the entry / entry range while respecting the stated stops while leaving the targets of benefit entirely to the individual. There is a risk of trading currencies, futures, stocks and options and there is a risk of losing all / some or in some cases more than what you initially invested. We try to keep you on the right side of the market with manageable risks so that you can come back to the markets every day. Follow us on Twitter at TradeGuidance where all of our ideas are featured first before they are posted on financial news websites.