James Kim@Saxo
In this webcast, Saxo's global sales trader James Kim runs through the events of the week ahead and give his thoughts on the positioning of S&P, Hang Seng, US Dollar Index, EURUSD, USDCHF, NZDUSD, AUDUSD, USDJPY, XAUUSD.
Day trade
Trade view / 18 July 2016 at 7:31 GMT

All timeframes highlight lower levels for AUDUSD

Analyst / PIA First
United Kingdom
Instrument: AUDUSD
Price target:
Market price:

USD Index: Sitting within a channel formation. This can be seen as a bullish flag that has a bias to break to the upside. Dips to be bought. 

I am short AUDUSD this morning and here is why:

Monthly: Holding within an expanding wedge formation. This has an eventual bias to break to the downside. The target level for the breakout is the start of the formation. This lines up with a 261.8% extension at 0.4735. We have a bearish Evening Doji Star from the high (March/April/June formation). 


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Source: Saxo Bank

Weekly: In a corrective channel formation and rejecting gains close to the 78.6% pullback level of 0.7686. Posted a Doji candle last week. 

Source: Saxo Bank

Daily: Posted a bearish Outside Day on Friday. This formation often indicates the start of a new trend. Although we are holding within a corrective channel formation, we have broken back inside the trend of lower highs (false breakout).

Source: Saxo Bank

30 minutes: Broken through the trend of higher lows in an impulsive manner on Friday. We have a 261.8% extension level at 0.7533. This is close to bespoke support at 0.7538 and the channel base. This is our target area today. 

Source: Saxo Bank

Management and risk description

If/when the target is achieved, we will look to sell into the bounce (corrections).


Entry: short one unit at 0.7593.

Stop: 0.7630.

Target: 0.7542.

Time horizon: today.

— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more


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