Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 28 years and was a former Chief FX Trader for Citibank. Brad trades mostly the Asian Market.

Trades: EUR, GBP, AUD, NZD, CAD, JPY, CHF, DOW, SP500, OIL, GOLD

 

Overview

Once again the RBA has shown its cards and they are ‘bearish’ for the AUD. The Minutes were very clear: members agreed that it was more likely than not that a further easing in monetary policy would be appropriate in the period ahead. This is very bearish for the AUD. The RBA recognizes the economy is in trouble and it’s almost ‘panic stations’.

I’m going to wait for the FOMC meeting to pass before getting in as that’s the only fundamental event I can see that would mess this trade up. Of course, Trump could work out a deal with China and that would be AUD positive, but that’s why we have a stop loss to cover this scenario.

Current Technicals: Down

Current Hourly Resistance: 0.6870

Ideal Retracement level: 23.6% Fibonacci @0.6966

AUDUSD DAILY CHART – Current price 0.6843

Current Fundamentals: Down

Central Bank Sentiment: Down

Geopolitical Impact: Down

Upcoming Potential Fundamental Drivers

Trade Execution

Our Preference

Short positions below 0.6870 with a target at 0.6435

Alternative Scenario

Above 0.6870 we should see a quick stop loss run towards 0.0.6966 but that will be very short-lived.

Execution Software

If trading the technical levels: Trendline Trader

If trading live: T-Rex Live Trader or Guerrilla Trader

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