I am long Aud/Usd and here is why:
Weekly/daily Fibonacci Expansion level/target 61.8% expansion lies just below 0.75 (Fib Expansion 1)
Daily Fibonacci Expansion level 100% expansion is just below that at 0.746 (Fib Expansion 2)
Current price action is moving down fast - long daily bearish bar down,
so I expect price to move lower towards Fib Expansion 2 level of 100% before a move back up
But because of the possibility of rash price action all around the markets due to Eur/Greece fundamentals
I would not be surprised if the 61.8% Fibonacci Expansion 1 level just below 0.75 stops price action down
Also, if market can hold above 0.75 for a single day - we have the RBA interest decision coming up Tuesday morning;
all major banks concur that the interest rate will be left on hold - this is bullish Aud too
See:
news.forexlive.com/!/latest-reuters-poll-has-unanimous-view-that-rba-will-keep-rates-on-hold-in-july-20150703
My plan is therefore two-fold:
1. Long Aud/Usd at market open is price is just above 0.75 -- where it is now;
so: Long @ 0.75 - 0.752 area, SL below 0.7494 - so: SL 0.7488,
and TP just below the broken 61.8% Fibonacci Expansion level Fibonacci Expansion 2, so: TP 0.7560
2. If Fibonacci Expansion level 1 - 61.8% - is broken to the downside, then:
Long Aud/Usd just above Fibonacci Level 100% expansion @ 0.7460, so: Long @ 0.7465 - 0.7475 area,
SL below 0.7460 - so SL 0.7455, and TP1 just below the now broken 61.8% Fibonacci Expansion level 1,
so: TP1 = half of my position: just below 0.7494, so: TP1: 0.7488, the rest of my position set to breakeven after this:
so SL2: enter level long 0.7465-0.7475 level, TP2 is the same as trade above (1.), so: TP2: 0.7560
To summarize (if you like it easy this will work too):
Aud/Usd long trades: 1. Buy 0.7510 -- SL 0.7488 --- TP 0.7560
2. Buy 0.7470 -- SL 0.7455 -- TP1 0.7488, TP2 0.7560
Weekly/daily Fibonacci Expansion level/target 61.8% expansion lies just below 0.75 (Fib Expansion 1)
Daily Fibonacci Expansion level 100% expansion is just below that at 0.746 (Fib Expansion 2)
Current price action is moving down fast - long daily bearish bar down,
so I expect price to move lower towards Fib Expansion 2 level of 100% before a move back up
But because of the possibility of rash price action all around the markets due to Eur/Greece fundamentals
I would not be surprised if the 61.8% Fibonacci Expansion 1 level just below 0.75 stops price action down
Also, if market can hold above 0.75 for a single day - we have the RBA interest decision coming up Tuesday morning;
all major banks concur that the interest rate will be left on hold - this is bullish Aud too
See:
news.forexlive.com/!/latest-reuters-poll-has-unanimous-view-that-rba-will-keep-rates-on-hold-in-july-20150703
My plan is therefore two-fold:
1. Long Aud/Usd at market open is price is just above 0.75 -- where it is now;
so: Long @ 0.75 - 0.752 area, SL below 0.7494 - so: SL 0.7488,
and TP just below the broken 61.8% Fibonacci Expansion level Fibonacci Expansion 2, so: TP 0.7560
2. If Fibonacci Expansion level 1 - 61.8% - is broken to the downside, then:
Long Aud/Usd just above Fibonacci Level 100% expansion @ 0.7460, so: Long @ 0.7465 - 0.7475 area,
SL below 0.7460 - so SL 0.7455, and TP1 just below the now broken 61.8% Fibonacci Expansion level 1,
so: TP1 = half of my position: just below 0.7494, so: TP1: 0.7488, the rest of my position set to breakeven after this:
so SL2: enter level long 0.7465-0.7475 level, TP2 is the same as trade above (1.), so: TP2: 0.7560
To summarize (if you like it easy this will work too):
Aud/Usd long trades: 1. Buy 0.7510 -- SL 0.7488 --- TP 0.7560
2. Buy 0.7470 -- SL 0.7455 -- TP1 0.7488, TP2 0.7560
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.