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Friday, March 9, 2012

AUDUSD UPDATE

On  Sunday and later on Tuesday I said that 1.0550 and 1.0510 would be ideal levels to go long. In the Sunday post I said that if we keep going down during the first part of the week I will go long during the second part of the week. And it played out exactly as it should have. Now we are in 1.0650 area, and I have received a few emails asking if I am still expecting 1.0550 area. Well we already reached this area on Tuesday, so I DO NOT think that we are going back to 1.05 again. Today is supposed to be a very volatile day, so we might get some retracement for the U.S. numbers, but I do expect that we will continue to move higher in AUDUSD, NZDUSD and EURUSD.. Usually with the Nonfarm payrolls if you look at the 5 or 1 minute charts we get a reaction that forms a flat or a zigzag. So we get very small dip/rise, than we go in the opposite direction and so on. SO even if we get a small dip, I still think that we will explode to the upside. I still expect 1.09 in AUDUSD, 1.36 in EURUSD and 0.85 in NZDUSD. The whole scenario to the upside will be invalidate in case we go bellow 1.04 in AUDUSD, 0.80 in NZDUSD and 1.30 in EURUSD. My long term target after this upsides are reached are 0.88 in AUDUSD, 0.69 in NDUSD, and 1.14 in EURUSD. But in the short term I still think that we will get more upside for now. The strategy for today is to wait for the Nonfarm Payrolls and looking to go long after the announcement. If we go much higher today, I will be looking to sell into the second half of next wee, but for now let's concentrate on today's move and I will post more updates over the weekend.

Good Luck:)

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