GT247.com Trading Blog

AUD/USD - Buy Aussie dollar on pullbacks

Written by Colin Abrams | 22 Aug 2017

AUD/USD Trade Note

Recommendation: Buy Aussie dollar on pullbacks.

Current Trend: Short-term sideways. Med-term up. Long-term sideways.

Strategy: Buy AUD for the med-term/or traders buy on pullbacks on an ongoing basis.

 

 (Daily)


  • The Australian dollar (AUD) broke out of a massive descending triangle (lines 1 and 2) last month, and it still has a far higher target to go. This is a med-term target and definitely not short-term.
  • That target is 0.8360, based on the height of the large triangle projected up.
  • It has recently pulled back and is moving up again now. Med-term players can buy it for that higher target. (Med-term implies months).
  • Short-term traders to buy on minor pullbacks, e.g. as close to line 3 (0.7860) as possible. (The AUD/USD is currently at 0.7920).
  • The currency would need to close below 0.7690 to void the upside target.

 

To subscribe to more research by Colin please go to his website www.themarket.co.za

Download GT247.com MobiTrader app and start trading from your mobile phone immediately with R100 000 demo money:

  

  

To subscribe to more research by Colin please go to his website www.themarket.co.za


COPYRIGHT:

THIS NEWSLETTER IS TO BE READ ONLY BY CLIENTS OF GLOBAL TRADER.  UNDER NO CIRCUMSTANCES IS IT TO BE SHOWN (OR GIVEN) IN PHYSICAL OR ELECTRONIC FORM TO ANY OTHER PERSON, WITHOUT THE PRIOR CONSENT OF THEMARKET.CO.ZA.  FURTHERMORE, ELECTRONIC TRANSMISSION (EMAIL), REPRODUCING, AND/OR DISSEMINATING THIS DOCUMENT (OR PART THEREOF) IN ANY OTHER MANNER WITHOUT THE WRITTEN CONSENT OF THEMARKET.CO.ZA IS A VIOLATION OF THE COPYRIGHT LAW - AND IS ILLEGAL. 

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

Want to trade CFD Equities, Forex, Indices & Commodities on the most affordable online South African trading platform?
 
 
 
 
 

GT247.com: +27 87 940 6101

IT support & help desk: +27 87 940 6107

Client relations (new accounts): +27 87 940 6106

Sales: +27 87 940 6108