I tried to load this chart yesterday, but with no luck. At that time, I was thinking that if the recent hawkish RBA Meeting
Minutes, dovish Federal Reserve minutes and weaker than expected US figures were going to continue pushing this
pair higher, the highlighted pullback might offer an opportunity to enter a long position if and when the trend hooked
upward to resume its northern trajectory.
However, I also mentioned that a note of caution was warranted in that China’s trade balance figures for September
were scheduled to be released and that it could have a significant effect on price action.
As it turned out, the economic news seemed to be significant enough to reverse the trend (though I was expecting
such a reversal for the past two days), so I will now be looking for opportunities to short that Aussie-U.S. dollar on
pullbacks, setting my stop losses at the last local high and my profit targets at the most recent low.
Minutes, dovish Federal Reserve minutes and weaker than expected US figures were going to continue pushing this
pair higher, the highlighted pullback might offer an opportunity to enter a long position if and when the trend hooked
upward to resume its northern trajectory.
However, I also mentioned that a note of caution was warranted in that China’s trade balance figures for September
were scheduled to be released and that it could have a significant effect on price action.
As it turned out, the economic news seemed to be significant enough to reverse the trend (though I was expecting
such a reversal for the past two days), so I will now be looking for opportunities to short that Aussie-U.S. dollar on
pullbacks, setting my stop losses at the last local high and my profit targets at the most recent low.