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Currencies AUD Top Trade Idea For September 2nd, 2013 – AUD/USD

liquid marketsAs the summer curtain comes to a close, September sets the stage for an inconclusive but eventful month.

While FX traders are expecting a volatile week, stock traders could be keeping their fingers crossed instead, as September is historically known to be a bad month. However, let us face some of the scheduled ‘High-Impact’ economic events by starting off with  Australia, since being the first to kick-off   with their announcement about the inflationary outlook of their economy today.

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Following some good news coming out from China, Australia’s stocks rallied this morning and if we were to seek some level of convergence based on technical factoring, we could refer to the 4hr chart above as a probable bullish ‘M’ pattern which is thought to have just completed. Upon completion of this pattern at point D, we are expecting prices to surge from point D onwards to approximately the 50% to 61.5% Fibs retracement level of C to D, which is between the 0.8960 to 0.9010 areas. Ideally, the entry earlier could have been potentially at 0.8925 having 0.9010 the first TP level while 0.9040 the second TP level. The Stop Loss (SL) level could potentially be at 0.8925 areas as the 0.8920 area appears to be quite a significant support and resistance level.

Happy Pipping !!!

About Kenny Simon

kennysimonKenny Simon is Head of FX Training at Liquid Markets. He is a contributor for the Technical Analysis section of LQD ‘s Blog. Being a fan of the wonders of nature, he  believes that trading in-harmony with the market’s natural ebb and flow could potentially increase one’s success in obtaining Low Risk, High Probability Trades. Besides the technical aspects of his analysis, Kenny emphasizes the importance of understanding and applying Fundamental Analysis, Money & Emotions Management into one’s approach to trading the markets.

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