Judging by how you draw your lines, AUD/USD is either just touching or just below it’s bullish trendline drawn from .6310 through .6990. We can expect to see lots of longer term positions bailing out on a clean break below. Charts to come.
6 Responses to “AUD/USD touching bullish trendline”
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AUTOREFRESH 
this the just the inital aus reaction , wonder how spooked asia will be
Well here in the twilight zone the liquidty is at its worst and the local banks can push the AUD around by 50 pips at a time if they have the flows and the orders. I’m trying to find out at the moment whether we just saw a stop-loss being triggered below 7910 or if the seling is coming from different directons. Often times we see really stupid moves in Syd/NZ market which then get undone when Asia come in. If AUD/USD breaks below 788 I’d probably take the loss and start again.
Im hoping the asian market looks at these levels as a sale price & turns it around, but a few creidtiable scorces have been calling for a reversal for a while now . could this be what we are seeing today ?
We may well look back in a week or two and see these levels as gifts but when you are sitting with a smelly position in thin illiquid markets it’s hard to think that way. The obvious human reaction is to end the pain and cut. All part of the joy of trading Burt. I’m long EUR/JPY which was 300 pips higher yesterday but I see these dips still as buying opportunities as I know the Sovereign names are still buying large amounts of EUR/USD and whilst that is going on the EUR will have trouble falling too far.
Im down a 100 pips , I been selling 1 on rallies & buying 1 on dips since yesterday , I will take your advice & bail at if 7880 breaks , it is ugly when you are on the wrong side of a trade , I usually do not trade Aud , but was trying the carry trade intrest thing , I now wish I had went short
It’s starting to look a little better now, you hopefully might get a rally back toward 80 and you can get away with a slight nose bleed. Good luck.