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Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is trading Gold (XAUUSD).
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Trade view / 07 September 2016 at 6:05 GMT

AUDUSD: Higher daily lows keep signals pointing up

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: AUDUSD
Price target:
Market price:
Background

A small sequence of higher daily lows kept Tuesday’s AUDUSD signals pointing higher. These have been confirmed as the sequence was extended to four and with a strong 1 Big Fig gain. The improvement has come from close to the 100-day average rate and a trend of lower weekly highs has been ended, which is all positive for sentiment. With no sign that demand is ending, signals continue to point to buying dips.

Management and risk description

Allow room to buy a dip and raise stop to entry if the first target is met.

Parameters

Entry: Buy at market and at .7635, Tuesday's Marabuzo line.

Stop: .7613, a 38% pullback to the gains posted since last week's low.

Target: .7723, the 18th Aug high and .7756, last month's top

Time horizon: Today only.



AUDUSD charts

 



AUDUSD 4 Hourly - pullback to gains
 




AUDUSD Weekly -lower highs ended
 


AUDUSD Quarterly - 7 year lows
 All charts CHQ. Create your own charts with SaxoTrader; click here to learn more


— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more

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