Monday, January 23, 2017 7:03 AM EDT
Last week I wrote an analysis where I said that the Dollar bounce was a nice short. Today I’m covering my short positions and taking nice weekend profits. Thank you market.
However, there are these two pairs where I would like to take short positions as there are many indications that at least a tradeable pullback is coming. These are AUDUSD and NZDUSD.
(Click on image to enlarge)
(Click on image to enlarge)
AUDUSD is following Gold and as I see short-term topping signs in Gold and a pull back possibility, the same stands for AUDUSD. Moreover, the pair has broken out of the bullish channel and has already back tested it making a 0.7580-0.7575. The RSI is diverging for some time completing a possible 3 drive pattern and my target is the Ichimoku cloud at 0.7480 at least.
NZDUSD has most probably made a triple top at 0.7220 and got rejected once again. With bearish divergence signs all around, the bullish channel is expected to break soon. I cannot see this uptrend lasting for long.
Today, I opened short positions in both pairs at 0.7560 and at 0.7198. Thank you for taking the time to catch up on my thinking. Have a great week ahead.
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