While I've exited my USDCAD trade after a small loss resulting from some money management mistakes, I'm re-entering my AUDUSD trade. The underlying fundamental logic is the same here; I expect US dollar weakness against commodity currencies. I'll then look for favorable charting patterns that will allow me to trade and manage risk accordingly.
I got long at 8364, with a stop at 8290. I'd like to hold this for a while, as i think AUDUSD will re-test the highs of .9800 reached in early 2008, however I may get out much earlier depending on what is going on in the charts. There is resistance on the daily charts at around .8450 -- I may get out at this level, as it would still be favorable for me from a reward/risk perspective.
Fundamentally, I'm bullish on AUDUSD over the next three years.
Below is the daily chart, followed by the weekly chart.
I'd also recommend checking out the Elliott Wave analysis on AUDUSD conducted by InformedTrades member Forexer.
You can trade this with a wide variety of brokers. Personally, I have experience with FXCM and the forex market, so I tend to stick to that.
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