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Australian Dollar Chops us Out - Standing Pat Until it Breaks

Australian Dollar Chops us Out - Standing Pat Until it Breaks

2013-04-04 15:05:00
David Rodriguez, Head of Product
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ssi_aud-usd_body_Picture_17.png, Australian Dollar Chops us Out - Standing Pat Until it Breaks

AUDUSD – Extremely choppy price action has forced similarly indecisive moves in our retail trader-based measure of forex positioning, and our sentiment-based strategies are flat until we see bigger swings in price.

Trade Implications – AUDUSD: In the past two weeks we’ve been chopped out of both an AUDUSD-long and an AUDUSD-short position as the pair continues to frustrate our trend-following Momentum2 system. I had previously cited the fact that Momentum2 had caught several key turns in the AUD as a major reason to follow the system’s trades, but I always use the same caveat—past performance is not indicative of future results.

Indeed we might see our sentiment-based strategies continue to get chopped out until the AUDUSD breaks out of its narrowing trading range. Key support is $1.04, while important resistance is $1.05. We’ll need a decisive break of either to get some good trend-based trades.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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ssi_aud-usd_body_1a_5.png, Australian Dollar Chops us Out - Standing Pat Until it Breaks

View how to automate the high-volatility Breakout2 Trading System via our previous article and webinar recording.

Auto trade the trend reversal-trading Momentum2system via our previous article and webinar recording.

Trade with strong trends via our Momentum1 Trading System and view an archived webinar

Use our counter-trend Range2 Trading system and view an archived webinar guide on automation

New to FX markets? Learn more in our video trading guide.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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