AUDUSD

Welcome to the brainyforex newsletter special commentary.

AUDUSD

Continuing on from the previous newsletter number 13, we entered a long position on the Aussie dollar. We watched to see if the US equity market (DJIA) would move and stay above the 9600 point level (natural square level) – which it did. As seen from the chart below we added a second long position.

Our stop loss on the first position came close to being triggered. (See red line on chart). Fortunately it was not taken out. Even if this would have happened, we would not have minded as we would have re-entered the position again at the same time as we placed our second position. (Refer second blue triangle on chart). (Blue box indicated it was a conditional order).

AUDUSD Daily Chart 17 September 2009.

We will now follow the position upwards and stay in as long as possible. The US equities market is showing a strong bullish move currently, so this will push the US Dollar down, which in turn will push the Aussie dollar further upwards.

We will look for weakness to exit the current position.