AUD/USD : Technical Analysis for Thurs May 6th

Again, using the Ichimoku overlay on the Hourly chart we see the following. Tenkan-Sen crossing over the Kijun-Sen nicely from above, the first indicator of a downward trend. Tenkan-Sen continues then in a steep flow downward, increasing the chances of trend. The Senkou Span “A” is well below Senkou Span “B”, reinforcing the downward trend. Thick width, or thickness, shows quite a fair bit of volatility but with support for our pair. The Chikou Span, at or below current price, simply confirms the downward trend. Will be watching closely as this is the most active day for our pair.

Scalpers, on your toes with this one, there is plenty of volatility to enable us to jump in and out of trades as and when your signals indicate

[Strategy:[email protected]] Price collapsed again following the rejection from the trendline from 0.9391 highs. Daily trend studies are heading lower and the 100-day MA has come back under threat. Will consider selling a clear break of this line but prefer to set shorts into corrective upticks. Cover bounces and ‘keep stops tight given recent volatility.

  • For the Day Trader a Short Term Signal: Probability : Sell 62.58%…. Buy 37.42%

Position

Price Flat at

Target

Stop

Strategy Sell @ 0.9125

AUD/USD (Times are shown in EST)
The most active day is Thurs (31% TM)
81% of trends occur between 01:00 and 13:00.
39% TM begins at 05:00

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  • YankeeClipper1

    NP Casey, I got 75 pips off this while scalping…. I'll have to try an investment/long term trade strategy one day 🙂

  • YankeeClipper1

    Aud/Usd 6th May
    Position Short
    Price 0.9068
    Target 0.8960
    Stop 0.9130
    Strategy Sell

  • Thanks for this great post, I really appreciate it. This helped me make a good trading decision.