Thread: Discuss the AUD/USD, NZD/USD , USD/CAD and more

Originally Posted by Padawan

Any Eur/Aud opinions?

Sideways...dont trade

Originally Posted by Mary R

i covered half my aud/jpy at 83. While i think the pair could retreat to 78.5 it might make another attempt upward and present a better short opportunity. It depends on the news and overall market sentiment tomorrow. I am holding onto aud/jpy short for now

I hope you didnt exit out of your AUD/JPY position yesterday. Last night China data has completely confused the investors (a sizable money flow started pouring into commodities). However at the end of the Asian session it wasn't beyond 61.8% Fibonacci level of the pattern that started last week. Further, London session put JPY crosses into the range and that made the China GDP case weaker...US unemployment claim data put the final blow out to China GDP case (and thus higher commodity prices).

By the way enter GBP/JPY...it has broken its pattern on 60min chart and now in for the big move very soon. Short the pair,

D

Originally Posted by Padawan

Any Eur/Aud opinions?

I´m long at EURAUD since some days ago. Probably the forum will tell you to go short because of the long term bearish trend and wait till 1.50 . But I posted that I feel it reached a long term bottom and it has potential at least till 1.575

Just a few minutes aog spiked almost 100 points , reversal ?

Money is flowing away from commodities, so consider also EURCAD (I´m long @ 1.4720 SL : 1.47 )

Good luck

Let´s go short now on AUD/NZD

SHORT AUDNZD @ 1.267

TP : 1.257
SL : 1.27

unfortunately I took a smaller profit on aud/jpy short than i woul have liked. I would not short anymore here, think I would consider buying small aud/usd. We have had a big move down in these currencies, we may be due for a corrective move up before another time to short

Commodity currencies get hammered vs. the dollar lately.

NZD taking it on the chin even worse than AUD lately. However, both are suffering at the hands of the dollar right now.

Originally Posted by Sean Hyman

Commodity currencies get hammered vs. the dollar lately.

NZD taking it on the chin even worse than AUD lately. However, both are suffering at the hands of the dollar right now.

Whats your opinion on correlation between AUD/USD and NZD/USd pair...I generally trade one or the other (not both), thinking to reduce my risk (since I have seen them highly correlated) have you seen correlation as well? If yes how should one decide which pair to trade at a given situation...(which pair will be more profitable - fall more or rise more - in a given situation)

D

Originally Posted by dharminpdesai

Whats your opinion on correlation between AUD/USD and NZD/USd pair...I generally trade one or the other (not both), thinking to reduce my risk (since I have seen them highly correlated) have you seen correlation as well? If yes how should one decide which pair to trade at a given situation...(which pair will be more profitable - fall more or rise more - in a given situation)

D

I think they mainly highly correlate when AUD/NZD is stuck in a sideways range.

You can look to that pair to see which of the two is stronger or weaker. Choose the weaker one to short vs. the dollar when you have a downward bias on the commodity currencies.

Choose the stronger of the two to buy when you have an upward view on these commodity currencies. That would be my opinion.

Originally Posted by Sean Hyman

I think they mainly highly correlate when AUD/NZD is stuck in a sideways range.

You can look to that pair to see which of the two is stronger or weaker. Choose the weaker one to short vs. the dollar when you have a downward bias on the commodity currencies.

Choose the stronger of the two to buy when you have an upward view on these commodity currencies. That would be my opinion.

Thanks Sean, combining weakest with the strongest
follow-up question though, how would you decide which one is stronger (or weaker) out of AUD/NZD? By looking at the AUD/NZD chart?

Originally Posted by dharminpdesai

Thanks Sean, combining weakest with the strongest
follow-up question though, how would you decide which one is stronger (or weaker) out of AUD/NZD? By looking at the AUD/NZD chart?

Yes, exactly. Here's an example.

Originally Posted by Sean Hyman

Yes, exactly. Here's an example.

Make sense...Thanks indeed Sean

Originally Posted by dharminpdesai

Make sense...Thanks indeed Sean

You're welcome. Looking to these crosses is an easy way to see what's stronger or weaker.

Where is she going now?

My view now is completely clueless - so letting the dust settle and will see what happens over the next few days. I still think for more upside......but not 100% confident.

anyway - have a good weekend. Its the Aussie day long weekend and so see yers on Wednesday.......hopefully she has found some direction by then.

the phoenix

Got caught today shorting EUR/AUD at resistance level expecting a move downward from the channel established 12/01/10. moved so fast then lost broadband connection before i could put my stop on.

Anyway, Im trying to figure out if the weakness in AUD is temporary and to hold onto my short (currently 120 pips down) or close out and cut my losses.

I hardly ever trade the EUR/AUD but couldnt resist the juicy channel drop on offer. whats the concencus? short term AUD weakness? or money flowing towards EUR (which i can't comprehend and is why I'm still holding my short position).

Originally Posted by hxtader

Got caught today shorting EUR/AUD at resistance level expecting a move downward from the channel established 12/01/10. moved so fast then lost broadband connection before i could put my stop on.

Anyway, Im trying to figure out if the weakness in AUD is temporary and to hold onto my short (currently 120 pips down) or close out and cut my losses.

I hardly ever trade the EUR/AUD but couldnt resist the juicy channel drop on offer. whats the concencus? short term AUD weakness? or money flowing towards EUR (which i can't comprehend and is why I'm still holding my short position).

My take is the same as it was this morning...this pair should be sideways...range trading should offer you cut your losses....