EUR/AUD Update

Traders, below is what I had posted earlier regarding some Intra-Day Forecasts.  Please note my update on EUR/AUD.

The comments beginning now are a follow-up to that analysis as well as my general thoughts on current market conditions.

Traders, in today's Intra-Day FX Forecasts I noted EUR/AUD as a bullish trade set-up.  See below

• EUR/AUD: Bullish it has been a very sideways and choppy 2 weeks in this cross but last night's break above trend-line resistance at 1.4880 should get the bullish momentum going. A break above 1.4941 simply adds fuel to the bullish outlook. Next stop: 1.4941 then 1.5058

However, true to form, the markets continued their insane false breakout, chopfest BS.

I mean look at this chart - really?

In case you had not noticed, the markets are pretty fickle and challenging in here.

This happens at times. Price action becomes non-sensical and you get tested as a trader.  Sure glad I did not issue this as a NEW TRADE ALERT.

Regardless, I was reading some comments from Peter Brandt this weekend and he echoed rather articulately the current market as well as what it takes to be a trader.

Comment #1

Comment #2

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Good morning traders.

Below are my thoughts for the hours/day ahead.

Seeing some decent price action starting to unfold....about time!

Take advantage of these set-ups - there are some pips to be had,

Pay close attention to the blue text in these posts (when applicable) as it will refer back to previous comments/forecasts.

Note:  the Intra-Day FX Forecasts highlight price direction and likely price targets/stops designed for traders looking at trading opportunities over the next several hours. These are not official trade recommendations, merely guidelines and forecasts, which are pretty darn useful each trading day.

Intra-Day FX Forecasts:

• Dollar Index (DXC): Neutral to Bullish with 5-waves higher off the March 17th low this pause in the upside action is healthy and expected. I see support from current levels (95.97 down towards 95.30 - I will be a buyer of USD on this pull-back - likely via shorts in GBP/USD
• EUR/GBP: Bearish we are short this cross from last Friday at .7899 with revised stops at .7875. Price action has been slow and steady to the downside - let's see how far this can run.
• GBP/AUD: Bullish it has been a very sideways and choppy 2 weeks in this cross but last night's break above trend-line resistance at 1.4880 should get the bullish momentum going. A break above 1.4941 simply adds fuel to the bullish outlook. Next stop: 1.4941 then 1.5058
• AUD/NZD: Bearish my call for lower levels in AUD/NZD is being validated this AM - boy it took some patience. The break below 1.1147 should now set in motion a larger degree move towards 1.1000 and perhaps lower. For today the logical downside target is 1.1100
• GBP/USD: Neutral to Bearish this chart remains my focus as the move higher from the March 24th lows is simply a correction. I see solid resistance at the 1.4300-1.4337 area and will consider getting short there. Last night I posted this update - hopefully some clients latched on: For clients who like the shorter-term trades that go counter-trend.

  GBP/USD as noted last week (see below) has played out really well.

  I now see this correction completing around the 1.4337 area - plenty of room to work longs if you are so inclined.

Have a question for me?  Drop me an email

Dave

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