AUDUSD long term bias
Posted: Sun Nov 15, 2009 4:12 pm
I bought AUD earlier this year to diversify my portfolio, which most before that mostly in US Dollars.
I haven't expected such a large trend, but now it feels great.
At the moment I'm paying close attention to the pair, since we're near the major resistance level, where I will be taking profits, but for now the question I'm trying to answer for myself is: "Is it the time to sell AUD?" The answer is NO.
Big players continue to buy AUD, although by now it look like they are also seeing what I'm seeing - the narrowing channel and the proximity of the resistance level, so the activity is slowly decreasing while the buying bias remains.
See the attachemt for weekly charts with the channel and resistance level.
On Daily charts the pair is challenging the previous High and should be successful in breaching it. All supporting lines, SMAs and channels are holding well.
So, the bias is strongly bullish, no need to Sell just yet.
I haven't expected such a large trend, but now it feels great.
At the moment I'm paying close attention to the pair, since we're near the major resistance level, where I will be taking profits, but for now the question I'm trying to answer for myself is: "Is it the time to sell AUD?" The answer is NO.
Big players continue to buy AUD, although by now it look like they are also seeing what I'm seeing - the narrowing channel and the proximity of the resistance level, so the activity is slowly decreasing while the buying bias remains.
See the attachemt for weekly charts with the channel and resistance level.
On Daily charts the pair is challenging the previous High and should be successful in breaching it. All supporting lines, SMAs and channels are holding well.
So, the bias is strongly bullish, no need to Sell just yet.