AUDUSD Aug 4, 2016

AUD cuts interest rate by 25 basis points to 1.50 per cent, effective 3 August 2016. However, AUDUSD is not weakening, which is probably due to weak US dollar. Although AUDUSD is up trend, let’s watch closely whether it will go with Gartley pattern.

The potential trade opportunity is to short at ~0.7650 and sl is at 0.7685, while tp is at 0.7400.

AUDUSD_AUG4_2016

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1 thought on “AUDUSD Aug 4, 2016”

  1. From Aug 4 towards Aug 9, 2016, AUDUSD lowest hit 0.7596 and highest hit 0.7687. We short at 0.7650 and take some profit and re-enter a small trade at 0.7660 with sl at 0.7685. Overall, we still gain. It looks like AUDUSD didn’t not go with Gartley pattern, as it break the previous highest point in 1D chart.

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