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The Day QE2 Ends…Banks Begin their Layoffs!

I love to watch the “hiring and firing” patterns of banks and Wall Street brokerages. It tells me a lot about what they really think rather than what they say. For instance, a couple years or so ago, these big banks and Wall St.

Stalking the AUD/USD Correction Rally in a Flag Pattern

The AUD/USD is in a cup and handle reversal from the 1.0410 lows. Market is crossing 38.2% retracement. The current correctional rally has more upside risk towards 1.0525 area, 61.8% retracement. Note the 200SMA is above that. The correction is now taking shape in a channel, and might represent a large flag pattern or some wedge pattern when done…

Next Week Could be the Deciding Moment!

Right now, the Dow Jones Industrial Average, S&P 500 and the CRB Commodity Index are ALL sitting on (or around) their 200 day Simple Moving Averages (SMAs). This is typically a very strong “make or break” point for the markets. Many computerized trading systems take their “long or short” bias from whether stocks are largely trading over their long-term average (200 day SMA) or not. Next week, we’ll likely see a “break or a bounce” off of the 200 day SMA.

Aussie Remains Pressured After RBA Meeting Minutes

A look at the AUD/USD, AUD/NZD, and AUD/JPY shows an Aussie that has already started to top off. After today’s meetings revealed no sense of urgency to a rate hike, the Aussie remained bearish. – The AUD/USD started this week returning to last week’s lows but failed to break through to test the May-low of 1.0440…

Aussie Resilient to USD Strength but Finally Forms a Double Top in AUD/USD

While other USD crosses like EUR/USD, GBP/USD and even USD/CHF displayed USD-strength, the AUD/USD was flat over the Asian-European session, but finally created a double top heading into the US session. There should be caution for the bearish outlook for a currency pair late to the game. The 1.0620 pivot might provide good clues to whether the AUD/USD has started an uptrend…

AUD/USD Bottoms and Breaks Above Declining Trendline

The AUD/USD has been very bearish in the short-term. The 1H Chart shows the RSI reading kept below 60, suggesting maintenance of the bearish momentum. A break above 60, as the market threatens to do now, suggests a lost of the bearish momentum. Market action already established a bottom, rallied to break above the declining trendline, offered a throwback…

AUD/USD Pauses After Hard Break Below Range Support

The AUD/USD continues to decline. After a 3 wave rally from range support, the Aussie dipped in the strongest 1H candle yet since the RBA meeting earlier in the week. This candle broke below the support area of 1.0585-1.0590, but was then followed by sideways action. The 4H chart shows the AUD/USD suppoted above the 61.8% retracement level even though it has broken recent lows…

AUD/USD Bounces off Range Support

The AUD/USD pair respected the support area near 1.0590. This comes after a decline that followed the RBA announcement during the 2nd Asian session this week. This decline now is in correction after the support held, but the RSI in the 1H chart reveals a bearish bias in the short to short term, although the immediate reaction to the oversold condition is a rally…

AUD/USD Attempting to Break Out of a Declining Wedge

The AUD/USD failed to extend the correction down to 1.04. Instead the decline flattened and the corrective structure turned out to be a declining wedge. Today, the market is testing and cracking the resistance. The 200SMA and the resistance pivot at 1.0710 also serve to challenge the current rally. Note the RSI in the 4H chart breaking above 60…

AUD/USD Maintains Bearish Momentum with Swing Projections Near 1.04

The AUD/USD failed to establish a bottom near 1.05. Instead the market has already cracked lat week’s low, threatening further declines. Bearish momentum is maintained, as the RSI reading remained below 60, and is now attempting to break back below 30. A couple of swing projections both target the 1.04-1.0420 area…

Forex Video Technical Update 4.4.2011 – The Australian Dollar Ahead of the RBA Meeting

The Reserve Bank of Australia is set to decide on interest rate policy in the upcoming Asian session. The Aussie has been strong so let’s take a look at some pairs. The AUD/USD is consolidation after making fresh highs, The AUD/JPY has also flattened out after a persistent rally. The AUD/NZD has been consolidating, but the decline looks corrective. Finally we’ll also look at the setups in the EUR/AUD and GBP/AUD…

Forex Video Technical Update 3.26.2011 – The Mighty Australian Dollar

The AUD/USD has reached fresh record high at 1.0290. The AUD/JPY continues to rally after the downward spike caused by JPY repatriation. AUD/CAD is gaining strength after a false breakout to the downside. Finally the AUD/NZD is maintaining, and the GBP/AUD and EUR/AUD both sliding sharply to reverse bullish breakouts…

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