AUDUSD testing the 100 day MA at 0.9070
Written March 3, 2010 at 11:11 AM EST by Greg Michalowski
A break should lead to higher levels.
Categories: Forex Trading | Tags: AUD/USD
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- kenny on EURUSD tests 200 hour MA. Look for support against level
- Greg Michalowski on EURUSD tests 200 hour MA. Look for support against level
- kenny on EURUSD tests 200 hour MA. Look for support against level
- Greg Michalowski on EURUSD tests 200 hour MA. Look for support against level
- kenny on EURUSD tests 200 hour MA. Look for support against level
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My Trading plan from last night:
No BUY/HOLD and/or SELL recommendations!
The AUD/USD is moving up toward the 100 day Moving Averages while, Stock, oil and commodities increase.
Copper futures are up about 5.90. Gold is up 19.63. Oil is up 1.88.
Yesterday the RBA raised rates to 4% and are moving closer to the 4.5%.
The currency pair is Oscillating. A break above the 100 MA should see increased upside momentum. FIB-R3 is at: 0.9070.
“Double Top” had been formed on the hourly chart. Monthly PIVOT is at: 0.8876 and the Weekly PIVOT is at: 0.8951.
The Sellers are watching the 100 MA and may enter once the channel starts cycling down. Support comes in at the 0.9012 FIB-S2 Level. Other support comes in at the 89.81 the PIVOT on the hourly chart.
NEWS DRIVERS – The time is Eastern Standard Time
5:30pm AUD AIG Services Index
7:30pm AUD GDP q/q
Currency is in Oscillation with a Bullish pressure.
Entries: BUY: 0.9066 S/L 0.9017 (20 MA) T/P 0.9111
SELL: 0.9020 S/L 0.9065 T/P 0.8981 (Hourly PIVOT).
Enter the trade after the alarm sound and entry confirmed. The trade limited out at 0.9083 FIB R2 (61.8) poorly generated +17 PIPS.
Regards,
Efraim